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 in the East segment, higher energy margins in the Texas segment, the addition of plants acquired in the Lotus Acquisition and Martin Lake Unit 1 return to service and (ii) a $177 million decrease in net margin deposits posted supporting our hedging strategy.

Investing Cash Flows

The change in net cash used in investing activities is primarily driven by (i) $356 million in lower net purchases of environmental allowances in 2026 and (ii) a $48 million increase in insurance proceeds received in 2026 for recovery of damaged property, plant, and equipment associated with the Moss Landing Incident and Martin Lake Incident.

Financing Cash Flows

Our significant financing activities during the nine months ended September 30, 2026 and 2025 are as follows:

•For the nine months ended September 30, 2026, we (i) repaid $2.450 billion in outstanding borrowings under the Term Loan Facility, (ii) repaid $1.8 billion under the Revolving Credit Facility and the Commodity-Linked Facility, (iii) repaid $1.3 billion of senior notes, (iv) repaid $1.225 billion under the accounts receivable financing facilities, (v) paid $917 million to repurchase common stock, (vi) paid $348 million in dividends to common and preferred shareholders, and (vii) repaid $112 million under the BCOP Credit Facility.

•For the nine months ended September 30, 2026, we issued $6.25 billion in senior notes and $1.5 billion in junior subordinated notes and borrowed $236 million under the TxEF Loan.

•For the nine months ended September 30, 2025, we (i) repaid $744 million of senior notes, (ii) paid $776 million to repurchase common stock, and (iii) paid $346 million in dividends to common and preferred shareholders.

•For the nine months ended September 30, 2025, we borrowed $475 million under the accounts receivable financing facilities and $424 million under the BCOP Credit Facility.

Liquidity

The following table summarizes changes in available liquidity for the nine months ended September 30, 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 increase in cash and cash equivalents for the nine months ended September 30, 2026.

(b)The increase in availability for the nine months ended September 30, 2026 was driven by (a) the June 2026 amendment to the Vistra Operations Credit Agreement which, among other things, increased the revolving credit commitments by $2.060 billion and (b) a $380 million decrease in cash borrowings, and a $278 million decrease in letters of credit outstanding under the Revolving Credit Facility.

(c)As of September 30, 2026 and December 31, 2025, the borrowing bases were less than the facility limit of $1.75 billion. As of September 30, 2026, available capacity reflects the borrowing base of $1.466 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 12 to the Financial Statements for additional information.

(e)Excludes any additional letters of credit that may be issued under the LOC Facilities or the Alternative LOC Facilities. See Note 12 to the Financial Statements for additional information.

In October and November 2026, we redeemed the Series A Preferred Stock for $1 billion, paid approximately $2.2 billion in cash as part of our acquisition of Cogentrix, borrowed the full capacity under the Receivables Facility and Repurchase Facility and repaid approximately $1.7 billion of debt assumed in the acquisition of Cogentrix which reduced available liquidity.

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 maturity of 2026 and 2027 debt obligations, the redemption of the Series B Preferred Stock, and the upcoming payments associated with the acquisition of Nuveen's noncontrolling interest in Vistra Vision discussed in Note 12 to the Financial Statements.

Additionally, as of September 30, 2026, the $500 million initial commitment associated with our investment in the Helix Fund remains callable by the fund's general partner. The remaining $500 million commitment is contingent on the Helix Fund meeting certain commercial power supply milestones for our existing generation assets which has not occurred as of September 30, 2026. The timing and amount of future capital calls will be determined by the fund's general partner and are not within our control. We expect to have access to sufficient liquidity to fund our initial $500 million commitment when called by the fund's general partner. See Note 7 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 11 to the Financial Statements for additional information) and other forms of credit support to satisfy such collateral posting obligations. See Note 12 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 September 30, 2026, we received or posted cash, letters of credit, and Eligible Assets for commodity hedging and trading activities as follows:

•$1.872 billion in cash and Eligible Assets has been posted with counterparties as compared to $1.577 billion posted as of December 31, 2025;

•$124 million in cash has been received from counterparties as compared to $7 million received as of December 31, 2025;

•$2.670 billion in letters of credit has been posted with counterparties as compared to $2.489 billion posted as of December 31, 2025; and

•$69 million in letters of credit has been received from counterparties as compared to $162 million received as of December 31, 2025.

See Note 16 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 $4 million in federal income tax payments, offset by $3 million in federal income tax refunds, and $98 million in state income tax payments, offset by $17 million in state tax refunds. We have taken the CAMT, forecasted OBBBA, and Cogentrix Acquisition impacts into account when forecasting cash taxes and do not expect Vistra to be subject to the CAMT in the 2026 tax year.

For the nine months ended September 30, 2026, there were no federal income tax payments and $41 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 LOC Facilities each include a financial covenant. The Vistra Operations Credit Agreement, Vistra Operations Commodity-Linked Credit Agreement, 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 12 to the Financial Statements for additional information.

Guarantor Summary Financial Information

In September 2026, Vistra Operations issued $1.5 billion aggregate principal amount of junior subordinated notes. The following tables summarize the combined financial information of (i) Vistra Corp., which is the ultimate parent company and guarantor of the Vistra Operations Junior Subordinated Notes, on a stand-alone, unconsolidated basis and (ii) Vistra Operations, whose Junior Subordinated Notes are irrevocably and unconditionally guaranteed by Vistra Corp., on a stand-alone, unconsolidated basis. Vistra Corp.'s guarantee is irrevocable and unconditional and covers the due and punctual payment of principal, premium, if any, and interest on the applicable debt securities, as well as Vistra Operations' other obligations under the applicable indenture and debt securities when due and payable. See Note 12 to the Financial Statements for discussion of the Vistra Operations Junior Subordinated Notes.

The financial information presented below is summarized for Vistra Corp. and Vistra Operations on a combined basis, after elimination of intercompany transactions, and excludes the investments in and equity in the earnings of any subsidiaries. The summarized financial information should be read in conjunction with the consolidated financial statements and notes thereto of Vistra.

Vistra Corp. files a consolidated U.S. federal income tax return. Consolidated income tax expense or benefits and deferred tax assets and liabilities have been allocated between Vistra Corp., Vistra Operations and non-guarantor subsidiaries.

(a)Includes unrealized gains and losses on commodity derivative transactions.

Guarantees

Commitments and Contingencies