Supporting evidence

• LedgerRevenue declined 67.9% YoY — the quarter's dominant and most concerning data point
• GuidanceGuidance maintained
• LedgerRevenue -5% YoY (Q2 FY2026)

• EventRevenue Deceleration: -67.9% YoY
• EventLimited Quantitative Disclosure
• EventNeutral Management Tone
• EventRepresents ongoing investment in infrastructure and capacity expansion.
• EventDemonstrates commitment to shareholder value and capital allocation strategy.
• EventExpected to contribute to future EBITDA, expanding Vistra's asset base.
• InitiativeHighly effective, with 99% of 2026 generation and 88% of 2027 generation hedged.
• InitiativeReiterated, with ongoing share repurchases and dividend commitments.
• InitiativeBeginning construction on the third project, Newton Solar & Energy Storage Facility.
• InitiativeClosed on December 31, 2024.
• EventSevere revenue contraction of 67.9% YoY with no disclosed cause raises structural concerns
• EventInsufficient disclosure of Ongoing Operations Adjusted EBITDA and FCFbG figures prevents full financial assessment