Vistra Corp.

Results of Operations

The tables and discussion that follow 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 with (i) 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 September 30, 2026 Compared to the Three Months Ended September 30, 2025

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended September 30, 2026:

(a)Corporate and Other includes $24 million of unrealized mark-to-market net gains on interest rate swaps.

(b)Includes nuclear fuel amortization of $36 million and $89 million, respectively, in the Texas and East segments.

(c)Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment.

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended September 30, 2025:

(a)Corporate and Other includes $10 million of unrealized mark-to-market net losses on interest rate swaps.

(b)Includes nuclear fuel amortization of $35 million and $94 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.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the nine months ended September 30, 2026:

(a)Corporate and Other includes $31 million of unrealized mark-to-market net gains on interest rate swaps.

(b)Includes nuclear fuel amortization of $102 million and $265 million, respectively, in the Texas and East segments.

(c)Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.

The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the nine months ended September 30, 2025:

(a)Corporate and Other includes $84 million of unrealized mark-to-market net losses on interest rate swaps.

(b)Includes nuclear fuel amortization of $96 million and $270 million, respectively, in the Texas and East segments.

(c)Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.

(e)Includes the final application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri in the Retail segment.

Net income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 increased by $488 million. Adjusted EBITDA for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 increased by $796 million.

Net income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 increased by $1.763 billion. Adjusted EBITDA for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 increased by $1.467 billion.

The primary drivers for the changes in net income and Adjusted EBITDA include:

Results of Operations by Segment

The following section presents the results of operations and net income (loss) of Vistra's reportable business segments. See Note 19 of the Financial Statements for a discussion of the Company's segments as defined under the accounting standards for segment reporting.

Retail

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, Retail net income increased primarily due to an $85 million increase in unrealized mark-to-market gains on commodity derivative positions, and higher retail margins driven by higher contractual rates and a slight increase in customer consumption due to weather.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, Retail net income decreased due to a $1.097 billion increase in unrealized mark-to-market losses on commodity derivative positions, a decrease in retail margins primarily due to an increase in excess volumes sold at lower wholesale prices in the first quarter, and a decrease in customer consumption due to weather.

Texas

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, Texas net income increased primarily due to a $579 million increase in unrealized mark-to-market gains on commodity derivative positions, and higher realized revenue net of fuel driven primarily by higher realized energy prices in Texas and Martin Lake Unit 1 return to service.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, Texas net income increased primarily due to a $2.877 billion increase in unrealized mark-to-market gains on commodity derivative positions, higher realized revenue net of fuel driven primarily by higher realized energy margins in Texas due to higher realized prices and optimizing the dispatch of select gas units in response to favorable market conditions, and Martin Lake Unit 1 return to service.

East

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, East net income decreased primarily due to a $200 million increase in unrealized mark-to-market losses on commodity derivative positions and a $120 million decrease in NDT net income, partially offset by the addition of the plants acquired in the Lotus Acquisition.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, East net income increased primarily due to higher realized capacity prices and the addition of plants acquired in the Lotus Acquisition, partially offset by a $526 million increase in unrealized mark-to-market losses on commodity derivative positions and a $131 million decrease in NDT net income.

West

For the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, West net income decreased primarily due to a $269 million impairment related to our Moss Landing 350 MW battery facility, and an increase in unrealized mark-to-market losses on commodity derivative positions of $88 million and $75 million, respectively, partially offset by higher realized capacity revenue.

Asset Closure Segment

Asset Closure net loss increased primarily due to incremental costs associated with the Moss Landing Incident, net of property damage and business interruption insurance recoveries, recognized in the nine months ended September 30, 2026.

Disaggregated Consolidated Statement of Operations Results

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

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, operating revenues increased primarily due to increases of $357 million in unrealized mark-to-market gains on commodity derivative positions, higher wholesale capacity and energy revenues, higher retail revenue contractual rates, the addition of plants acquired in the Lotus Acquisition, and Martin Lake Unit 1 return to service.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, operating revenues increased primarily due to increases of $894 million in unrealized mark-to-market gains on commodity derivative positions, higher wholesale capacity and energy revenues, the addition of plants acquired in the Lotus Acquisition, and Martin Lake Unit 1 return to service, partially offset by lower retail margins.

For the three and nine months ended September 30, 2026 compared to the same periods in 2025, fuel, purchased power costs, and delivery fees increased primarily due to increases of $178 million and $326 million, respectively, in realized fuel costs, which were partially attributable to the addition of plants acquired in the Lotus Acquisition. These increases were partially offset by increases of $18 million and $283 million, respectively, in unrealized mark-to-market gains on commodity derivative positions.

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, operating costs increased primarily due to higher maintenance and outage costs, the addition of plants acquired in the Lotus Acquisition, and incremental costs associated with the Moss Landing Incident, net of insurance recoveries, recognized in the three months ended September 30, 2026.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, operating costs increased primarily due to higher maintenance and outage costs, and the addition of plants acquired in the Lotus Acquisition, partially offset by incremental costs associated with the Moss Landing Incident, net of insurance recoveries, recognized in the nine months ended September 30, 2026.

For the three and nine months ended September 30, 2026, depreciation and amortization increased primarily due to the addition of plants acquired in the Lotus Acquisition and Martin Lake Unit 1 return to service, partially offset by the absence of depreciation and amortization expense recorded for the Moss Landing 300 and 100 MW battery projects and Retail customer relationship intangible assets and other one-time retirements recorded in the nine months ended September 30, 2025.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, selling, general, and administrative expenses increased primarily due to increases in retail selling costs of $23 million, stock-based compensation expense of $20 million, and technology costs of $12 million, partially offset by lower transition and merger costs and legal costs.

In the third quarter of 2026, we recognized a $269 million impairment related to our Moss Landing 350 MW battery facility. In the second and third quarters of 2025, we recognized impairments of $68 million and $5 million, respectively, related to development projects we have no plans to complete.

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, other income, net decreased primarily due to a decrease in NDT net income of $120 million, consisting of unrealized losses on investments of $111 million and realized loss on investments of $9 million, partially offset by an increase of $54 million in involuntary conversion gains for Martin Lake insurance proceeds.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, other income, net decreased primarily due to a decrease in NDT net income of $131 million, consisting of unrealized losses on investments of $206 million and realized income of $75 million, partially offset by an increase of $25 million in involuntary conversion gains for Martin Lake insurance proceeds.

For the three months ended September 30, 2026 compared to the three months ended September 30, 2025, interest expense and related charges decreased primarily due to a $34 million increase in unrealized mark-to-market gains on interest rate swaps.

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, interest expense and related charges decreased primarily due to a $115 million increase in unrealized mark-to-market gains on interest rate swaps, partially offset by $35 million in debt extinguishment losses on the Term Loan Facility and senior notes repayments.

For the three and nine months ended September 30, 2026 compared to the same periods in 2025, income tax expense increased primarily due to an increase in pretax book income.