Vistra : 2024 First Quarter Presentation

First Quarter 2024

Results

May 8, 2024	RESULTS

Safe Harbor Statements

Cautionary Note Regarding Forward-Looking Statements

The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, financial condition and cash flows, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe," "confident", "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives and to successfully integrate acquired businesses, including Energy Harbor; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2023 and subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

Disclaimer Regarding Industry and Market Data

Certain industry and market data used in this presentation is based on independent industry publications, government publications, reports by market research firms or other published independent sources. We did not commission any of these publications, reports or other sources. Some data is also based on good faith estimates, which are derived from our review of internal surveys, as well as the independent sources listed above. Industry publications, reports and other sources generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. While we believe that each of these publications, reports and other sources is reliable, we have not independently investigated or verified the information contained or referred to therein and make no representation as to the accuracy or completeness of such information. Forecasts are particularly likely to be inaccurate, especially over long periods of time, and we often do not know what assumptions were used in preparing such forecasts. Statements regarding industry and market data used in this presentation involve risks and uncertainties and are subject to change based on various factors, including those discussed above under the heading "Cautionary Note Regarding Forward-Looking Statements".

About Non-GAAP Financial Measures and Items Affecting Comparability

"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impacts, reorganization items, and certain other items described from time to time in Vistra's earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures (including capital expenditures for growth investments), other net investment activities, and other items described from time to time in Vistra's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), "Net Income (Loss) from Ongoing Operations" (net income less net income from Asset Closure segment), and "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth) are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow before Growth as a measure of liquidity, and believes that analysis of capital available to allocate for debt service, growth, and return of capital to stockholders is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity, and Vistra's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra's ongoing operations. Vistra uses Net Income (Loss) from Ongoing Operations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company's Net Income excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

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Agenda

1. Welcome and Safe Harbor

Eric Micek, Vice President of Investor Relations

1. Q1 2024 Highlights

Jim Burke, President & Chief Executive Officer

III. Q1 2024 Finance Update

Kris Moldovan, Executive Vice President & Chief Financial Officer

Vistra Investor Presentation / Q1 2024

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VISTRA CORP.

Q1 2024 Highlights

Jim Burke

President & Chief Executive Officer

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Vistra Investor Presentation / Q1 2024

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Continued Execution Against our Four Strategic Priorities

Long-Term, Attractive Earnings	Significant and Consistent
Profile through Integrated Business	Shareholder Return of Capital
Model
Higher expected out-year earnings potential from increased	Consistent execution of capital return program with ~$4.6 billion
power price forward curves and consistent execution	already returned1
Executing the Energy Harbor integration as One Team with initial	Expect to execute at least $2.25 billion of share repurchases over
results exceeding expectations	2024 and 2025

Strategic Energy Transition	Strong Balance Sheet with Sub-
Supporting Reliability and	3x Net Leverage Target2
Affordability of Electricity
Construction began on two of our larger Illinois solar and energy	Current net leverage of 3x and expect to improve to below 3x by
storage projects	year-end 20242
Closed a $700 million Term Loan at Vistra Zero	Issued $1.5 billion of senior secured and unsecured notes at
	attractive spreads primarily to fund 2024 maturities

1. Includes ~$3.9 billion share repurchases from Nov. 2021 through May 3, 2024, and $675 million in common stock dividends paid in 2022, 2023, and YTD through May 3, 2024.
2. Excluding any non-recourse debt at Vistra Zero.

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Q1 2024 Results and 2024 Expectations

Q1 2024 Financial Results

Ongoing Operations ($ millions)

Adj. EBITDA1

$813

Solid Execution in the First Quarter

• Warmest winter on record throughout the U.S. resulting in lower cleared prices, offset by settled hedging revenues that limit downside risk
• Flexible asset base and operational excellence continues to deliver in multiple pricing environments
• Despite another period of volatile weather, achieved total fleet commercial availability for Q1 of approximately 98%
• Organic customer growth across our Texas and Midwest / Northeast retail markets
• 5-starPUCT rating for TXU Energy for 18 consecutive months

Initiating Combined 2024 Guidance

Ongoing Operations ($ millions)

Adj. EBITDA1	$4,550 - $5,050
Adj. FCFbG1	$2,200 - $2,700

Increased outlook for 2024 reflects consistent execution at Vistra and positive integration results at Energy Harbor

1. "Adj. EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; "Adj. FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth. Adj. EBITDA and Adj. FCFbG are non-GAAP financial measures. See the "Non-

GAAP Reconciliation" tables at the end of this presentation for further details. Ongoing Operations Adj. EBITDA guidance for 2024 based on market curves as of May 3, 2024. Guidance excludes any potential benefit from nuclear production tax credit.

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New Demand Paradigm in Power Markets

Multiple demand drivers for accelerating load growth projections in the geographic regions we serve

US Data Centers1 (GW)

+35 GW

1

E

Permian Electrification2 (GW)

+20 GW

1

1

E

Actual and Projected Peak Demand3 (GW)

1	0.9% CAGR	~1.8% CAGR

1

1

1

1

1.5% CAGR

7.7% CAGR

~1.6 - 6% CAGR

Actual			Forecast

PJM 2024 (1.8%) PJM 2023 (0.9%)

ERCOT

Apr. 2024

Update

(50% Realization)

ERCOT 2024

1. Based on April 2024 estimate of US Data Center demand capacity by McKinsey & Company.

2.Represents expected load growth in West Texas per ERCOT Permian Basin Reliability Plan Study dated Feb. 12, 2024.

3. ERCOT projections per ERCOT 2024 Load Forecast dated Jan. 18, 2024 and ERCOT Board of Directors Update related to transmission planning dated Apr. 23, 2024 reduced by 50%. PJM projections per January 2023 and 2024 PJM Long-Term Load Forecast.

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Higher Earnings Power from Improving Market Dynamics

Significant earnings and free cash flow in outer years supported by higher power price forward curves

(	h)
11
(	h)

Ongoing Operations Adj. EBITDA1

($ millions)

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Market power price weighted as TEXAS: 90% North Hub, 10% West Hub; EAST: 50% AD Hub, 25% Ni Hub 25% Western Hub. 2024 market prices reflects balance of year (May-December).

1. Estimates based on market curves as of May 3, 2024. Adj. EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adj. EBITDA in 2025 and 2026. Actual results could vary and are subject to a number of risks, uncertainties and factors, including power price market movements and our hedging strategy. We have not provided a quantitative reconciliation of Adjusted EBITDA opportunities for 2025 and 2026 to GAAP net income (loss) because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from Adjusted EBITDA in such out year periods. 2024E through 2026E exclude any potential benefit from nuclear production tax credit.
2. CAGR based on 2022A-2026E using $6.0 billion for 2026.

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VISTRA CORP.

Q1 2024 Finance Update

Kris Moldovan

Executive Vice President & Chief Financial Officer

04

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Q1 2024 Financial Results

Commercial optimization and fleet flexibility drove strong year-over-year Adj. EBITDA1 improvement

Ongoing Operations Adj. EBITDA1,2

($ millions)

1

Generation2

Q1 2024 is $259 million favorable as compared to Q1 2023, primarily

driven by:

• Excellent operations leading to strong commercial availability in each region
• Favorable commercial optimization of the fleet, including ramping down flexible assets when economically appropriate
• Expiration of unfavorable contracts related to default service
• Inclusion of one month of Energy Harbor's generation results

Retail

(	)	(	)
	Generation	Retail

Q1 2024 is $1 million favorable as compared to Q1 2023, primarily driven by:

• Strong margin and customer count performance in ERCOT and Ex- ERCOT, offset by the warmest winter on record
• Inclusion of one month of Energy Harbor's retail results

1. "Adj. EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; Adj. EBITDA is a non-GAAP financial measure. See the "Non-GAAP Reconciliation" tables at the end of this presentation for further details. Excludes Adj. EBITDA results from Asset Closure segment of $(41) million and $(23) million in each of Q1 2023 and Q1 2024, respectively.
2. Includes Texas, East, West, Sunset, and Corp./Other.

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