Vistra Q2 2025 Results: Investor Update

Vistra Q2 2025 Results: Investor Update

• 1. 1 Second Quarter 2025 Results August 7, 2025

• 2. 2 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 including 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, including potential large load center opportunities (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 forwardlooking 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, including the closing of the acquisition of the natural gas generation assets from Lotus Infrastructure Partners, and to successfully integrate acquired businesses; (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, 2024 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 performance, and believes it is a useful metric to assess current performance in the period and 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 performance, 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. Q2 2025 Investor Presentation

• 3. 3 Agenda Welcome and Safe Harbor Eric Micek, Vice President of Investor Relations Q2 2025 Highlights Jim Burke, President & Chief Executive Officer Q2 2025 Finance Update Kris Moldovan, Executive Vice President & Chief Financial Officer Q2 2025 Investor Presentation

• 4. 4 Jim Burke President & Chief Executive Officer Q2 2025 Highlights Q2 2025 Investor Presentation

• 5. 5 Q2 2025 At-A-Glance 1) “Adjusted EBITDA” is a reference to Ongoing Operations Adjusted EBITDA; “Adjusted FCFbG” is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth; Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial measures. See the “Non-GAAP Reconciliation” tables at the end of this presentation for further details. 2) Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance for 2025 based on market curves as of Nov. 4, 2024. Vistra believes the nuclear production tax credit (PTC) should provide downside Ongoing Operations Adjusted EBITDA support in 2025. 3) Ongoing Operations Adjusted EBITDA midpoint opportunity for 2026 based on market curves as of Aug. 1, 2025. Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 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 the Adjusted EBITDA opportunity for 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 period. $1,349M DELIVERED Q2 2025 Adj. EBITDA1 Reiterated 2025 guidance ranges1,2 of Adj. EBITDA of $5.5-$6.1 billion and Adj. FCFbG of $3.0-$3.6 billion Q2 2025 Investor Presentation ~2,600MW ACQUIRING Agreed to acquire seven modern natural gas generation facilities from Lotus Infrastructure Partners Natural Gas Generation Assets INCREASED $6.8B+ PJM Auction clear and comprehensive hedging program provide increased confidence 2026 Adj. EBITDA midpoint opportunity3

• 6. 6 Continued Execution Against Our Four Strategic Priorities Integrated Business Model Disciplined Capital Allocation Resilient Balance Sheet Strategic Energy Transition Strong operational and retail performance throughout the quarter Portfolio positioned to maximize value in a backdrop of accelerating load growth Flexible program enables debt reduction, share repurchase, and/or organic and inorganic growth Consistent execution on our capital return commitment, including repurchasing over $5 billion in shares through June 30 Current net leverage at 3x1 with significant de-leveraging expected through year-end 2026 Ample available liquidity to support comprehensive hedging program Successfully relicensed our Perry Nuclear Power Plant through 2046 Significant development pipeline across the fleet including the potential for ~10% nuclear uprates and coal to gas conversions 1) Excluding Project Level Financings at Vistra Zero and any benefit from margin deposits. Q2 2025 Investor Presentation

• 7. 7 Structural Tailwinds in Power Markets Continued strong growth in energy demand across our key markets PJM and ERCOT Load Growth Year-over-year weather adjusted growth in load (MWh) by quarter (%)1 1) Source: PJM and ERCOT load data, weather adjusted. 2) Based on Energy Information Administration (EIA) data, dated May 13, 2025. 3) Brattle Report, Optimizing Grid Infrastructure and Proactive Planning to Support Load Growth and Public Policy Goals, dated July 2025. Q2 2025 Investor Presentation U.S. growth accelerates2 • After nearly two decades of flat consumption, U.S. electricity demand growth rebounded to levels last seen in the 1990s • To meet the projected demand, the U.S. electricity supply will have to expand more than 5x faster than the prior two decades3 Our primary markets continue to outperform • Energy growth remains strong in both ERCOT and PJM • Supports our annual peak load growth forecast of 3-5% in ERCOT and lowsingle digits in PJM through 2030 Materializing investment signals for additional generation • Commercial and industrial sectors investing in domestic facilities • Hyperscalers continue to increase capex budgets for data centers • PJM capacity auction clear, coupled with Reliability Resource Initiative (RRI) allowing for accelerated new build interconnect . . . . . . . . P ERCOT

• 8. 8 Positioned for Value Creation Vistra’s diversified business model creates multiple pathways to benefit from accelerating load growth Q2 2025 Investor Presentation Data center contract opportunities with existing assets Improved run profiles on thermal assets as load growth improves utilization Longer-term retail contracts with commercial customers Existing Assets Plant uprates, expansions, and coal-to-gas conversions New build generation opportunities Execution on our Vistra Zero pipeline Opportunistic acquisition of generation and retail assets Development M&A

• 9. 9 Fairless anchester Garrison azleton Beaver Falls Syracuse Greenleaf Vistra to Acquire Natural Gas Assets Lotus Infrastructure Partners Acquisition Q2 2025 Investor Presentation Transaction Highlights • Acquiring ~2,600 MW of modern natural gas generation assets • Purchase price of $1.9 billion or ~$743/kW1 • Funded through the assumption of existing debt from Lotus and cash • Implies a multiple of ~7x 2026 Adjusted EBITDA2 • Expected to deliver Ongoing Operations AFCFbG3 accretion in year one following the closing • Expected to close in late 2025 or early 20264 1) Subject to certain net working capital and other adjustments as specified in the purchase and sale agreement. 2) Transaction multiple based on May 15, 2025 announcement date. Excludes any impact from the 2026/2027 PJM Capacity Auction and any potential synergies. 3) Ongoing Operations excludes the Asset Closure segment. Any reference to "Ongoing Operations Adjusted FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth, which is a non-GAAP measure. 4) Subject to certain regulatory approvals, including the Federal Energy Regulatory Commission and the Department of Justice under the Hart-Scott-Rodino Act. Asset State Size (MW) Technology Fairless Pennsylvania 1,320 CCGT Manchester Rhode Island 510 CCGT Garrison Delaware 309 CCGT Hazleton Pennsylvania 158 CT Beaver Falls New York 108 CCGT Syracuse New York 103 CCGT Greenleaf California 49 CT Total 2,557 Capacity (MW) 2,557 MW

• 10. 10 Kris Moldovan Executive Vice President & Chief Financial Officer Q2 2025 Finance Update Q2 2025 Investor Presentation

• 11. 11 Q2 2025 Financial Results Generation2 Retail Q2 2025 was $30 million unfavorable as compared to Q2 2024, primarily driven by: • Unplanned outages at Martin Lake Unit 1 and Moss Landing battery facilities, substantially offset by higher realized wholesale prices and capacity revenues YTD 2025 was $188 million favorable as compared to YTD 2024, primarily driven by: • Additional two months of legacy Energy Harbor results, higher realized wholesale prices and capacity revenues, partially offset by unplanned outages at Martin Lake Unit 1 and Moss Landing battery facilities Q2 2025 was $33 million unfavorable as compared to Q2 2024, primarily driven by: • Expected changes in seasonality of year-over-year results largely due to changes in supply costs, partially offset by continued strong margin and customer counts performance, including organic counts growth in Texas YTD 2025 was $179 million favorable as compared to YTD 2024, primarily driven by: • Strong customer count and margin performance, including supply cost favorability, partially offset by expected roll-off of legacy Energy Harbor default service supply contracts Q2 2025 Results Quarterly results in-line with expectations 1) “Adjusted EBITDA” is a reference to Ongoing Operations Adjusted EBITDA; Adjusted EBITDA is a non-GAAP financial measure. See the “Non-GAAP Reconciliation” tables at the end of this presentation for further details. Ongoing Operations Adjusted EBITDA excludes results from Asset Closure segment of $79 million, $(24) million, and $(17) million in each of Q2 2023, Q2 2024, and Q2 2025, respectively, and $48 million, $(44) million and $(41) million in each of YTD 2023, YTD 2024, and YTD 2025, respectively. 2) Generation includes Texas, East, West, and Corp./Other. Adjusted EBITDA1,2 ($ in millions) Q2 2025 Investor Presentation , , , , , , , , TD TD TD Generation Retail

• 12. 12 Near-term Earnings Outlook Higher Adj. EBITDA and Free Cash Flow conversion; Lotus acquisition expected to drive additional upside Adjusted EBITDA1,2 ($ in millions) 1) Ongoing Operations Adjusted EBITDA guidance for 2025 based on market curves as of Nov. 4, 2024. Ongoing Operations Adjusted EBITDA for 2023 and 2024 are recast for the transfer of Moss Landing 300 to the ACS segment. 2) Ongoing Operations Adjusted EBITDA midpoint opportunity for 2026 based on market curves as of Aug. 1, 2025. Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adjusted EBITDA in 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 the Adjusted EBITDA opportunity for 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 period. 3) As of Aug. 1, 2025. • Comprehensive hedging program supports the near-term outlook while maintaining upside to power market tailwinds in the out-years3 • ~100% of expected generation hedged for 2025 • ~95% of expected generation hedged for 2026 • Adj. FCFbG conversion expected to continue to be robust • 2025 Adj. FCFbG guidance reaffirmed at $3,000 - $3,600 million • Expect to consistently convert 60%+ of Adj. EBITDA over the medium term • Nuclear PTC continues to provide meaningful downside support • Acquisition of Lotus assets expected to provide further upside Near-term Earnings Outlook Q2 2025 Investor Presentation , , , A A A E Guidance Range E idpoint Opportunity , , ,

• 13. 13 . x . x . x . x . x . x E E E E LT Target • Executed ~$5.4 billion in share repurchases from Nov. 2021 through Aug. 1, 2025, at an average price of ~$32.83 • Includes ~1.1 million shares purchased in the April sell-off at an average price of ~$114 • Currently, ~$1.4 billion remaining under existing share repurchase authorizations expected to be utilized through year-end 20262 • Announced quarterly common dividend of 22.60¢ per share to be paid Sept. 30, 2025, targeting ~$300 million in dividends annually Financial Leverage Vistra Zero Growth Capital Allocation Update1 Disciplined approach to shareholder return, financial leverage, and growth Shareholder Return Dividend per Share (¢/share) & Shares Outstanding (basic shares in millions) Net Debt / Adjusted EBITDA3 Solar & Energy Storage Capex4($ in millions) 1) Capital Allocation plan as announced in Nov. 2021; quarterly dividends and additional share repurchases beyond current authorized amounts are based on management’s recommendations and subject to the Board’s approval at the applicable time. 2) As of Aug. 1, 2025. 3) Excludes Project Level financings at Vistra Zero (i.e., Vistra Zero TLB and BCOP Borrower LLC “BCOP” Credit Facility Loans) and margin deposits. Q2 2025 reflects 2025 Adjusted EBITDA guidance midpoint. Adjusted EBITDA is a reference to Ongoing Operations Adjusted EBITDA, which is a non-GAAP financial measure. For illustrative purposes only. 4) Expect to partially fund with Project Level Financings. Capex estimates subject to change based on market conditions. Energy Harbor Completed Q1 Vistra Vision MI purchase closed Q4 A A E Q2 2025 Investor Presentation . Shares Outstanding Dividend Per Share

• 14. 14 About Vistra Q2 2025 Investor Presentation

• 15. 15 America’s Leading Integrated Power Provider Integrated Fortune 500 retail electricity and power generation company based in Irving, Texas Products and services in 18 states and Washington D.C., including all major competitive wholesale markets in the U.S. Retail • Serving approximately 5 million residential, commercial, and industrial retail customers • More than 50 renewable energy plans Generation • Largest competitive power generator in U.S. • ~41,000 MW of generation powered by a diverse portfolio of natural gas, nuclear, coal, solar, and battery energy storage • Owns and operates the second-largest competitive nuclear power fleet in the U.S. 1 Note: As of Dec. 31, 2024. 1) Based on 2024 actual production; Includes full year of Energy Harbor. Q2 2025 Investor Presentation

• 16. 16 0.55 0.51 0.43 0.41 2022 2023 2024 2025E 102 55 45 2010 2024 2030E Target Environmental Stewardship Pursuing a sustainable energy transition that balances reliability and affordability of power Q2 2025 Investor Presentation Methane Emissions EMISSIONS REDUCTIONS1 PORTFOLIO TRANSFORMATION Scope 1 and Scope 2 Emissions (Million mt CO (Hundreds mt) 2e) 1) Vistra’s goal to achieve a reduction in noted emissions by , as compared to the baseline, and net-zero carbon emissions by 2050, assumes necessary advancements in technology and supportive market constructs and public policy. Generation Carbon Emissions Intensity ( mt CO2e/MWh ) Transforming our portfolio Generation emission intensity has fallen more than 20% since 2022 Capacity increases since 2022 have included nuclear, solar, battery and natural gas GHG emissions are improving Scope 1 & 2 emissions have fallen 50% since 2010 through responsible retirement Methane emissions expected to show continued decline in the future

• 17. 17 Supporting Employees and Our Communities Vistra’s Purpose: Lighting up lives, powering a better way forward Q2 2025 Investor Presentation STAKEHOLDER ENGAGEMENT AWARDS & RECOGNITION Employee Support • Formal mentoring program to help develop professional skills and provide networking opportunities • Provided nearly $1M for employee education assistance in 2024 • 15 Employee Resource Groups available with focus on Vistra culture, business innovation, skills development for all employees, and the community 2023 Sustainability Report (GRI & SASB) 2023 Climate Report (TCFD) 2024 CDP questionnaire Green Finance Framework REPORTING Newsweek 2025 Most Trustworthy Companies in America TIME Magazine Best Companies for Future Leaders 2024 Dow Jones Best-In-Class North America Index Forbes Net-Zero Leaders 2025 Disability:IN – Best Place to Work for Disability and Inclusion Best Corporations for Veteran’s Business Enterprises® Employee Health & Safety • 0.72 Total Recordable Incident Rate achieved in 2024 • 14 Facilities recognized with OSHA VPP Star Rating Forbes Most Trusted Companies in America 2025 U.S. News & World Report Best Companies to Work For 2025-2026 Fortune 500 Community Support • Contributed $150,000 for the 2025 annual Beat the Heat campaign during Q2, which included more than 30 events with local non-profit social service agencies to distribute box fans and A/C units to families in need • In 2024, Vista donated $11 million to support communities in education, economic development, community welfare, employee involvement and sustainability

• 18. 18 Appendix Q2 2025 Investor Presentation

• 19. 19 Nuclear Production Tax Credit (PTC) Overview1 The IRA’s nuclear PTC creates revenue stability during periods of lower power prices for nuclear generation Q2 2025 Investor Presentation Illustrative Revenue Support PTC Mechanism2 • The nuclear PTC is a tax credit of up to $15/MWh • When gross receipts exceed $25/MWh, the PTC amount is reduced by 80% of gross receipts exceeding $25/MWh • When gross receipts exceed $43.75/MWh (2024 base year), the PTC amount is reduced to zero • The PTC can be credited against taxes or monetized through a sale and will be recognized as revenue for accounting purposes • The maximum PTC and gross receipts threshold are subject to inflation adjustments based on the GDP price deflator for the preceding calendar year • Maximum PTC is rounded to the nearest $2.50/MWh • Gross receipts threshold rounded to nearest $1.00/MWh • Vistra Vision positioned to benefit directly from the IRA’s nuclear PTC given its applicability to production from its ~6,400 MWs of Nuclear capacity • Further clarity from the IRS in interpreting the nuclear PTC expected in 2025 Thresholds at which PTC support is phased out Source: Public Filings 1) Based on IRA bill signed by U.S. President Biden on Aug. 16, 2022. 2) Calculations assume Vistra receives the 5x bonus adder to the nuclear PTC for meeting the prevailing wage requirements on all applicable contracts. ross Receipts PTC h ross Receipts h In ation In ation

• 20. 20 Retail Overview Strong margin and counts performance driving Adj. EBITDA growth Q2 2025 Investor Presentation Highlights • Retail volumes increased 9% YoY driven by growth in the business markets segment • Grew residential counts in Texas within the quarter and year over year • Residential results and large business markets sales performance well ahead of expectations • Our TXU Energy brand held a 5-star PUCT rating Retail Volumes Energy Degree Days (in TWh) (Dallas-Fort Worth Area) Retail Volumes 9% increase

• 21. 21 Corporate Debt Profile Vistra remains committed to a long-term net leverage target below 3x1 Q2 2025 Investor Presentation 1) Excludes Project Level Financings (i.e., Vistra Zero TLB and BCOP Borrower LLC “BCOP” Credit Facility Loans). 2) Reflects Energy Harbor loan obligations associated with various revenue bonds issued by Ohio and Pennsylvania governmental entities. These loan obligations are indirectly secured by a pledge of mortgage bonds issued by certain Energy Harbor entities. 3) Reflects 2025 Ongoing Operations Adjusted EBITDA guidance midpoint. 4) Represents the NPV of the total $1,370M remaining scheduled payments related to the purchase of the Vistra Vision minority interests discounted at 6%. Balances ($ in millions) Q2 2025 Funded Revolving Credit Facilities $861 Vistra Operations Term Loan B 2,462 Senior Secured Notes 4,400 Senior Unsecured Notes 7,300 Revenue Bond Obligations2 431 Accounts Receivable Financings 1,125 Forward Repurchase Obligations4 1,295 Equipment Financing Agreements 55 Total Debt1 $17,929 Less: cash and cash equivalents (458) Total Net Debt (before Cash Margin Deposits)1 $17,471 Illustrative Leverage Metrics Adjusted EBITDA (Consolidated Ongoing Operations)3 $5,800 Gross Debt / Adj. EBITDA (x)1,3 3.1x Net Debt / Adj. EBITDA (x)1,3 3.0x

• 22. 22 Select Debt Balances Principal outstanding for secured and unsecured debt issued from Vistra Operations Q2 2025 Investor Presentation Vistra Operations Secured Debt ($ in millions) Q2 2025 Senior Secured Term Loan B-3 due December 2030 $2,462 5.050% Senior Secured Notes due December 2026 500 3.700% Senior Secured Notes due January 2027 800 4.300% Senior Secured Notes due July 2029 800 6.950% Senior Secured Notes due October 2033 1,050 6.000% Senior Secured Notes due April 2034 500 5.700% Senior Secured Notes due December 2034 750 Total Vistra Operations Secured $6,862 Vistra Operations Unsecured Notes ($ in millions) 5.500% Senior Unsecured Notes due September 2026 $1,000 5.625% Senior Unsecured Notes due February 2027 1,300 5.000% Senior Unsecured Notes due July 2027 1,300 4.375% Senior Unsecured Notes due May 2029 1,250 7.750% Senior Unsecured Notes due October 2031 1,450 6.875% Senior Unsecured Notes due April 2032 1,000 Total Vistra Operations Unsecured $7,300

• 23. 23 Comprehensive Hedging Program Overview Effective June 30, 2025 Q2 2025 Investor Presentation Note: amounts may not sum due to rounding. 1) This sensitivity assumes a 7.2 mmbtu/MWh Heat Rate, therefore the change in spark spread is equal to the change in power price minus 7.2 times the change in delivered gas price. 2) Hedge and market value as of June 30, 2025 and represents generation only (excludes retail). 3) The forecasted premium over the Hub Price includes shape impact for estimated dispatch generation as compared to running ATC, plant basis vs hubs, and estimated value from projected future incremental power sales based on Vistra’s fundamental point of view. 4) TEXAS: 90% North Hub, 10% West Hub; EAST: 15% Mass Hub, 50% AD Hub, 10% Ni Hub, 10% Western Hub, 5% NY Zone A, 10% Indiana Hub Balance of 2025 2026 Texas West East Total Texas West East Total Nuclear/Renewable/Coal Gen Position Expected Generation (TWh) 2 7 2 9 5 5 5 1 5 6 107 % Hedged 100% 100% 100% 100% 88% 94% Sensitivity to Power Price: + $2.50/mwh ($M) $11 $ 0 $11 $ 7 $19 $26 - $2.50/mwh ($M) ($7) $ 0 ($7) $ 0 ($8) ($8) Gas Gen Position Expected Generation (TWh) 2 7 3 3 2 6 2 5 0 5 5 3 108 % Hedged 100% 96% 100% 100% 82% 58% 100% 90% Sensitivity to Spark Spread 1: + $1.00/mwh ($M) $ 0 $ 0 $ 0 $ 1 $ 9 $ 2 $ 0 $11 - $1.00/mwh ($M) $ 0 $ 0 $ 0 $ 0 ($9) ($2) $ 0 ($11) Natural Gas Position Net Position (Bcf) -9 1 3 -5 1 1 -46 -44 Sensitivity to Natural Gas Price: + $0.25/mmbtu ($M) ($2) $ 0 $ 1 ($1) $ 0 $ 0 ($11) ($11) - $0.25/mmbtu ($M) $ 2 $ 0 ($1) $ 1 $ 0 $ 0 $11 $11 Total % Hedged 100% 94% Realized Price Summary Hedge Value vs Market2 ($M) ($935) $ 7 ($178) ($1,106) ($848) $25 ($332) ($1,154) Premium/Discount vs Hub Price3 ($M) $465 $27 $22 $513 $782 $91 $231 $1,105 Total Difference vs Market ($M) ($470) $33 ($156) ($593) ($65) $116 ($100) ($49) Around-the-Clock (ATC) Hub Price4 ($/MWh) $56.76 $59.57 $47.33 $51.94 $54.85 $59.87 $51.69 $53.36 Premium/Discount vs Hub Price3 ($/MWh) ($8.90) $10.39 ($2.57) ($5.08) ($0.66) $22.44 ($0.92) ($0.23) Total Realized Price ($/MWh) $47.86 $69.96 $44.76 $46.86 $54.19 $82.31 $50.76 $53.13

• 24. 24 Capacity Positions Effective June 30, 2025 Q2 2025 Investor Presentation Note: PJM capacity positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. Also includes bilateral transactions. ISO-NE represents capacity auction results, supplemental auctions, and bilateral capacity sales. NYISO represents capacity auction results and bilateral capacity sales; Winter period covers November through April and Summer period covers May through October. MISO positions represent volumes cleared and purchased in primary annual auctions, incremental auctions, and transitional auctions. West capacity position includes Moss Landing 300. West prices based on proprietary contracts and are not disclosed. Tenor Zone Position (MW) Average Price ($/MW-day) Tenor Zone Position (MW) Avg. Price ($/KW-mo) East East 2024/2025 PJM - RTO 5,170 $34.30 Winter 24/25 NYISO 1,099 $2.99 2024/2025 PJM - ComEd 2,333 $37.92 2024/2025 ISO-NE 3,347 $3.09 2024/2025 PJM - DEOK 1,084 $93.07 2024/2025 MISO 1,788 $3.01 2024/2025 PJM - MAAC 532 $48.96 Summer 2025 NYISO 858 $4.68 2024/2025 PJM - EMAAC 835 $54.47 2025/2026 ISO-NE 3,174 $2.75 2024/2025 PJM - ATSI 2,109 $28.92 2025/2026 MISO 1,710 $5.14 2025/2026 PJM - RTO 4,093 $253.82 Winter 25/26 NYISO 515 $3.53 2025/2026 PJM - ComEd 2,127 $269.19 2026/2027 ISO-NE 3,018 $2.60 2025/2026 PJM - DEOK 946 $269.92 2026/2027 MISO 952 $5.67 2025/2026 PJM - EMAAC 645 $269.08 Summer 2026 NYISO 276 $3.93 2025/2026 PJM - MAAC 465 $269.21 2027/2028 ISO-NE 3,269 $3.59 2025/2026 PJM - ATSI 2,044 $269.92 2025/2026 PJM - DOM 211 $442.32 West 2025 CAISO 1,795 2026 CAISO 1,575 2027 CAISO 1,275

• 25. 25 Forward Market Pricing Effective June 30, 2025 Q2 2025 Investor Presentation Note: Contribution to segment spark spreads are approximate. Bal'2025 2026 2027 Bal'2025 2026 2027 Power (ATC, $/MWh) Spark Spreads (ATC, $/MWh) ERCOT North Hub $56.60 $54.60 $54.02 ERCOT West Hub $58.24 $57.03 $56.78 Texas cont. PJM AD Hub $45.89 $49.90 $48.10 ERCOT North Hub-Houston Ship Channel 90% $30.05 $23.36 $23.97 PJM Ni Hub $39.70 $42.33 $40.35 ERCOT West Hub-Permian Basin 10% $43.55 $37.03 $31.43 PJM Western Hub $50.29 $55.04 $53.31 Texas Weighted Average $31.40 $24.73 $24.72 MISO Indiana Hub $46.22 $49.54 $47.36 ISONE Mass Hub $56.47 $65.38 $60.85 East cont. New York Zone A $46.39 $50.67 $47.34 PJM AD Hub-Dominion South 15% $24.40 $24.42 $24.46 CAISO NP15 $59.57 $59.87 $60.47 PJM AD Hub-Tetco ELA 15% $18.50 $17.79 $18.27 PJM Ni Hub-Chicago Citygate 15% $12.76 $10.34 $10.14 Gas ($/MMBtu) PJM Western Hub-Tetco M3 15% $25.92 $23.40 $23.01 NYMEX $3.72 $4.26 $3.98 ISONE Mass Hub-Algonquin Citygate 30% $22.30 $19.34 $17.74 Houston Ship Channel $3.34 $3.99 $3.83 New York Zone A-Dominion South 10% $24.90 $25.18 $23.70 Permian Basin $1.69 $2.43 $3.17 East Weighted Average $21.42 $19.71 $19.07 Dominion South $2.64 $3.19 $2.94 Tetco ELA $3.46 $4.11 $3.80 West Chicago Citygate $3.39 $4.10 $3.85 CAISO NP15-PG&E Citygate $26.64 $21.55 $23.84 Tetco M3 $3.04 $4.05 $3.86 Algonquin Citygate $4.40 $6.05 $5.64 PG&E Citygate $4.23 $4.97 $4.74

• 26. 26 Generation Metrics Effective June 30, 2025 Q2 2025 Investor Presentation 1) East Nuclear YTD capacity factor reflects 4 months of PJM nuclear generation. Includes planned outage at Davis-Besse in Mar. 2024, Beaver Valley Unit 1 in Apr.-May 2024, Perry in Mar.-Apr. 2025, Comanche Peak Unit 1 in Apr.-May 2025. Total Generation (TWh) Q2 2024 Q2 2025 YTD 2024 YTD 2025 CCGT Capacity Factor (%) Q2 2024 Q2 2025 YTD 2024 YTD 2025 Texas 22.0 20.8 40.5 40.8 Texas 59% 55% 52% 52% East 23.7 24.3 44.0 51.8 East 50% 51% 56% 57% West 0.7 0.5 1.9 1.0 West 31% 25% 43% 24% Total Ongoing Operations 46.4 45.6 86.4 93.6 Coal Capacity Factor (%) Q2 2024 Q2 2025 YTD 2024 YTD 2025 Commercial Availabilty (%) Q2 2024 Q2 2025 YTD 2024 YTD 2025 Texas 56% 50% 54% 53% Texas Gas 97.8% 97.0% 97.9% 98.0% East 46% 47% 42% 54% Texas Coal 86.5% 77.0% 89.6% 76.0% East 88.8% 92.2% 94.3% 95.4% West 96.9% 92.3% 98.7% 94.7% Nuclear Capacity Factor (%)1 Q2 2024 Q2 2025 YTD 2024 YTD 2025 Total 92.9% 91.8% 95.3% 93.6% Texas 96% 86% 96% 93% East 84% 91% 82% 89%

• 27. 27 Asset Fleet Details Effective June 30, 2025 Q2 2025 Investor Presentation Note: Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Excludes 500 MW of uprates available at our Texas gas assets in the summer. Moss Landing Phase I 300 MW battery facility was moved from the West segment to ACS as of Q1 2025. Asset Location ISO Technology Primary Fuel Net Capacity (MW) Ennis Ennis, TX ERCOT CCGT Gas 366 Forney Forney, TX ERCOT CCGT Gas 1,912 Hays San Marcos, TX ERCOT CCGT Gas 1,047 Lamar Paris, TX ERCOT CCGT Gas 1,180 Midlothian Midlothian, TX ERCOT CCGT Gas 1,596 Odessa Odessa, TX ERCOT CCGT Gas 1,180 Wise Poolville, TX ERCOT CCGT Gas 787 DeCordova Granbury, TX ERCOT C T Gas 260 Morgan Creek Colorado City, TX ERCOT C T Gas 390 Permian Basin Monahans, TX ERCOT C T Gas 325 Graham Graham, TX ERCOT S T Gas 630 Lake Hubbard Dallas, TX ERCOT S T Gas 921 Stryker Creek Rusk, TX ERCOT S T Gas 685 Trinidad Trinidad, TX ERCOT S T Gas 244 Martin Lake Tatum, TX ERCOT S T Coal 2,250 Oak Grove Franklin, TX ERCOT S T Coal 1,600 Coleto Creek Goliad, TX ERCOT S T Coal 650 Comanche Peak I & II Glen Rose, TX ERCOT Nuclear Uranium 2,400 Brightside Live Oak County, TX ERCOT Solar Solar 50 Emerald Grove Crane County, TX ERCOT Solar Solar 108 Upton 2 Upton County, TX ERCOT Solar/Battery Solar/Battery 190 DeCordova Granbury, TX ERCOT Battery Battery 260 Total Texas 19,031 Moss Landing I & II Moss Landing, CA CAISO CCGT Gas 1,020 Moss Landing Moss Landing, CA CAISO Battery Battery 450 Oakland Oakland, CA CAISO C T Oil 110 Total West 1,580

• 28. 28 Asset Fleet Details Effective June 30, 2025 Q2 2025 Investor Presentation Note: Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Asset Location ISO Technology Primary Fuel Net Capacity (MW) Independence Oswego, NY NYISO CCGT Gas 1,212 Bellingham Bellingham, MA ISO-NE CCGT Gas 566 Blackstone Blackstone, MA ISO-NE CCGT Gas 544 Casco Bay Veazie, ME ISO-NE CCGT Gas 543 Lake Road Dayville, CT ISO-NE CCGT Gas 827 MASSPOWER Indian Orchard, MA ISO-NE CCGT Gas 281 Milford Milford, CT ISO-NE CCGT Gas 600 Fayette Masontown, PA PJM CCGT Gas 726 Hanging Rock Ironton, OH PJM CCGT Gas 1,430 Hopewell Hopewell, VA PJM CCGT Gas 370 Kendall Minooka, IL PJM CCGT Gas 1,288 Liberty Eddystone, PA PJM CCGT Gas 607 Ontelaunee Reading, PA PJM CCGT Gas 600 Sayreville Sayreville, NJ PJM CCGT Gas 349 Washington Beverly, OH PJM CCGT Gas 711 Calumet Chicago, IL PJM CT Gas 380 Dicks Creek Monroe, OH PJM CT Gas 155 Pleasants Saint Marys, WV PJM CT Gas 388 Miami Fort (CT) North Bend, OH PJM CT Oil 7 7 Baldwin Baldwin, IL MISO ST Coal 1,185 Newton Newton, IL MISO ST Coal 615 Kincaid Kincaid, IL PJM ST Coal 1,108 Miami Fort 7 & 8 North Bend, OH PJM ST Coal 1,020 Beaver Valley I & II Shippingport, PA PJM Nuclear Uranium 1,872 Perry Perry, OH PJM Nuclear Uranium 1,268 Davis-Besse Oak Harbor, OH PJM Nuclear Uranium 908 Baldwin Baldwin, IL MISO Solar/Battery Solar/Battery 7 0 Coffeen Coffeen, IL MISO Solar/Battery Solar/Battery 4 6 Total East 19,746 Total Capacity 40,357

• 29. 29 Capital Expenditures1 Q2 2025 Investor Presentation 1) Capital summary for 2025E prepared as of Nov. 4, 2024. Capital expenditure projection is on a cash basis, excludes capitalized interest, and reflects LTSA payments on an accrual basis. Projected capex estimates subject to change based upon market conditions. 2) Includes expenditures under the long-term maintenance contracts in place for our gas fleet. 3) Includes IT, Corporate, and Other. 4) Nuclear fuel capex shown net of nuclear fuel sales. 5) Non-recurring capital expenditures include non-recurring IT, Corporate, and Other. 6) Expect to partially fund with Project Level financings. 7) Includes growth capital expenditures for new and existing assets. Category ($ in millions) 2023A 2024A 2025E Nuclear & Fossil Maintenance2,3 $730 $785 ~$875 Nuclear Fuel4 206 307 ~300 Non-Recurring5 8 6 - Solar & Energy Storage Development6 550 604 ~725 Other Growth7 120 155 ~325 Total Capital Expenditures $1,614 $1,857 ~$2,225 Non-Recurring5(8) (6) - Solar & Energy Storage Development6(550) (604) ~(725) Other Growth7(120) (155) ~(325) Adjusted Capital Expenditures $936 $1,092 ~$1,175

• 30. 30 Note: Estimated in service years for development pipeline subject to change. Capacity shown on a 100% ownership basis. Approximate net generation capacity, actual net generation capacity may vary based on a number of factors including ambient temperature. Moss Landing Phase I 300 MW battery facility was moved to ACS as of Q1 2025. Vistra Zero Portfolio and Development Pipeline Effective June 30, 2025 Q2 2025 Investor Presentation Online Assets Location ISO In-Service Year Net Capacity (MW) Development Pipeline Location ISO Status, In-Service Year Net Capacity (MW) Beaver Valley I & II Shippingport, PA PJM 1976 / 1987 1,872 Oak Hill Rusk County, TX ERCOT In Construction, 2025 200 Davis-Besse Oak Harbor, OH PJM 1978 908 Pulaski Pulaski County, IL MISO In Construction, 2026 405 Perry Perry, OH PJM 1986 1,268 Deer Creek Tulare County, CA CAISO In Construction, 2026 50 Comanche Peak I & II Glen Rose, TX ERCOT 1990 / 1993 2,400 Newton Newton, IL MISO In Construction, 2026 52 Total Nuclear 6,448 Kincaid Kincaid, IL PJM Under Development 20 Duck Creek Canton, IL MISO Under Development 20 Upton 2 Upton County, TX ERCOT 2018 180 Hennepin Hennepin, IL MISO Under Development 24 Brightside Live Oak County, TX ERCOT 2022 50 Total Solar 771 Emerald Grove Crane County, TX ERCOT 2022 108 Baldwin Baldwin, IL MISO 2024 68 Deer Creek Tulare County, CA CAISO In Construction, 2026 50 Coffeen Coffeen, IL MISO 2024 44 Newton Newton, IL MISO In Construction, 2026 2 Total Solar 450 Edwards Bartonville, IL MISO Under Development 37 Havana Havana, IL MISO Under Development 37 Upton 2 Upton County, TX ERCOT 2018 10 Joppa Joppa, IL MISO Under Development 37 Moss Landing Phase II Moss Landing, CA CAISO 2021 100 Oakland Oakland, CA CAISO Under Development 43 DeCordova Hood County, TX ERCOT 2022 260 Total Energy Storage 206 Moss Landing Phase III Moss Landing, CA CAISO 2023 350 Baldwin Baldwin, IL MISO 2024 2 Coffeen Coffeen, IL MISO 2024 2 Total Energy Storage 724

• 31. 31 Non-GAAP Reconciliations Q2 2025 Investor Presentation

• 32. 32 Non-GAAP Reconciliations Three Months Ended June 30, 2025 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation a) Includes $26 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $30 million and $92 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. d) Represents net of all NDT (income) loss of the PJM nuclear facilities and all ARO and environmental remediation expenses. 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. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $(123) $863 $120 $(50) $(440) $370 $(43) $327 Income tax expense 0 0 1 0 75 76 0 76 Interest expense and related charges (a) 17 (18) (8) (1) 312 302 1 303 Depreciation and amortization (b) 24 197 412 16 20 669 (1) 668 EBITDA before Adjustments (82) 1,042 525 (35) (33) 1,417 (43) 1,374 Unrealized net (gain) loss resulting from hedging transactions 841 (900) (39) 82 0 (16) 0 (16) Purchase accounting impacts 8 0 9 0 0 17 0 17 Non-cash compensation expenses 0 0 0 0 25 25 0 25 Transition and merger expenses 5 0 0 0 17 22 0 22 Impairment of long-lived assets 0 68 0 0 0 68 0 68 Insurance income (c) 0 (80) 0 0 0 (80) (21) (101) Decommissioning-related activities (d) 0 4 (81) 0 0 (77) 43 (34) ERP system implementation expenses 3 3 3 0 0 9 1 10 Other, net (e) (19) 5 1 2 (25) (36) 3 (33) Adjusted EBITDA $756 $142 $418 $49 $(16) $1,349 $(17) $1,332

• 33. 33 Non-GAAP Reconciliations Three Months Ended June 30, 2024 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation a) Includes $11 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $26 million and $71 million, respectively, in the Texas and East segments. c) Represents net of all NDT (income) loss, ARO accretion expense for operating assets, and ARO remeasurement impacts for operating assets. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $897 $(573) $518 $119 $(463) $498 $(31) $467 Income tax expense 0 0 0 0 159 159 0 159 Interest expense and related charges (a) 16 (12) (1) 0 237 240 1 241 Depreciation and amortization (b) 31 160 304 14 18 527 7 534 EBITDA before Adjustments 944 (425) 821 133 (49) 1,424 (23) 1,401 Unrealized net (gain) loss resulting from hedging transactions (162) 656 (460) (77) 0 (43) (2) (45) Purchase accounting impacts 0 0 (3) 0 0 (3) 0 (3) Non-cash compensation expenses 0 0 0 0 32 32 0 32 Transition and merger expenses 1 0 0 0 24 25 0 25 Decommissioning-related activities (c) 0 5 (15) 0 0 (10) 0 (10) ERP system implementation 4 3 3 0 0 10 1 11 Other, net 2 3 (1) 2 (29) (23) 0 (23) Adjusted EBITDA $789 $242 $345 $58 $(22) $1,412 $(24) $1,388

• 34. 34 Q2 2025 Investor Presentation Non-GAAP Reconciliations Three Months Ended June 30, 2023 (Unaudited, Millions of Dollars) a) Includes $63 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $19 million in the Texas segment. c) Represents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. d) Adjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $812 $(653) $364 $151 $(278) $396 $80 $476 Income tax expense 0 0 1 0 122 123 0 123 Interest expense and related charges (a) 10 (6) 1 (4) 97 98 2 100 Depreciation and amortization (b) 22 149 181 12 17 381 7 388 EBITDA before Adjustments 844 (510) 547 159 (42) 998 89 1,087 Unrealized net (gain) loss resulting from hedging transactions (347) 721 (303) (117) 0 (46) (8) (54) Generation plant retirement expenses 0 (1) 4 0 0 3 (2) 1 Purchase accounting impacts 1 0 2 0 0 3 0 3 Impacts of Tax Receivable Agreement 0 0 0 0 14 14 0 14 Non-cash compensation expenses 0 0 0 0 21 21 0 21 Transition and merger expenses 0 0 0 0 15 15 0 15 PJM capacity performance default impacts (c) 0 0 (12) 0 0 (12) 0 (12) Winter Storm Uri impacts (d) (5) 0 0 0 0 (5) 0 (5) Other, net 5 (1) 11 1 (19) (3) 0 (3) Adjusted EBITDA $498 $209 $249 $43 $(11) $988 $79 $1,067

• 35. 35 Non-GAAP Reconciliations Six Months Ended June 30, 2025 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation a) Includes $74 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $61 million and $176 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. d) Represents net of all NDT (income) loss of the PJM nuclear facilities and all ARO and environmental remediation expenses. 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. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,009 $143 $(370) $27 $(639) $170 $(111) $59 Income tax expense (benefit) 0 0 1 0 (101) (100) 0 (100) Interest expense and related charges (a) 35 (32) (20) (2) 639 620 2 622 Depreciation and amortization (b) 47 378 808 31 39 1,303 (2) 1,301 EBITDA before Adjustments 1,091 489 419 56 (62) 1,993 (111) 1,882 Unrealized net (gain) loss resulting from hedging transactions (156) 130 528 50 0 552 (1) 551 Purchase accounting impacts 8 0 23 0 0 31 0 31 Non-cash compensation expenses 0 0 0 0 46 46 0 46 Transition and merger expenses 5 0 1 0 34 40 0 40 Impairment of long-lived assets 0 68 0 0 0 68 0 68 Insurance Income (c) 0 (80) 0 0 0 (80) (21) (101) Decommissioning-related activities (d) 0 9 (46) 0 0 (37) 89 52 ERP system implementation expenses 3 3 3 0 0 9 1 10 Other, net (e) (11) 13 4 5 (44) (33) 2 (31) Adjusted EBITDA $940 $632 $932 $111 $(26) $2,589 $(41) $2,548

• 36. 36 Non-GAAP Reconciliations Six Months Ended June 30, 2024 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation a) Includes $58 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $52 million and $94 million, respectively, in the Texas and East segments. c) Includes $10 million gain recognized on the repurchase of TRA Rights. d) Represents net of all NDT (income) loss, ARO accretion expense for operating assets, and ARO remeasurement impacts for operating assets. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,458 $(909) $345 $287 $(640) $541 $(56) $485 Income tax expense 0 0 0 0 139 139 0 139 Interest expense and related charges (a) 22 (22) 0 0 409 409 2 411 Depreciation and amortization (b) 54 320 537 28 33 972 14 986 EBITDA before Adjustments 1,534 (611) 882 315 (59) 2,061 (40) 2,021 Unrealized net (gain) loss resulting from hedging transactions (786) 1,260 (131) (207) 0 136 (6) 130 Purchase accounting impacts (1) 0 (4) 0 (14) (19) 0 (19) Impacts of Tax Receivable Agreement (c) 0 0 0 0 (5) (5) 0 (5) Non-cash compensation expenses 0 0 0 0 53 53 0 53 Transition and merger expenses 2 0 6 0 52 60 0 60 Decommissioning-related activities (d) 0 11 (40) 1 0 (28) 0 (28) ERP system implementation 6 5 5 1 0 17 1 18 Other, net 6 6 (5) 3 (63) (53) 1 (52) Adjusted EBITDA $761 $671 $713 $113 $(36) $2,222 $(44) $2,178

• 37. 37 Q2 2025 Investor Presentation Non-GAAP Reconciliations Six Months Ended June 30, 2023 (Unaudited, Millions of Dollars) a) Includes $41 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $23 million in the Texas segment. c) Represents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. d) Adjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri and a reduction in the allocation of ERCOT default uplift charges which were expected to be paid over several decades under protocols existing at the time of the storm. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $217 $(42) $1,506 $200 $(763) $1,118 $56 $1,174 Income tax expense 0 0 1 0 300 301 0 301 Interest expense and related charges (a) 17 (10) 2 (8) 303 304 3 307 Depreciation and amortization (b) 51 303 355 20 34 763 14 777 EBITDA before Adjustments 285 251 1,864 212 (126) 2,486 73 2,559 Unrealized net (gain) loss resulting from hedging transactions 212 361 (1,552) (135) 0 (1,114) (25) (1,139) Generation plant retirement expenses 0 (1) 4 0 0 3 (2) 1 Purchase accounting impacts 1 (1) 4 0 0 4 0 4 Impacts of Tax Receivable Agreement 0 0 0 0 79 79 0 79 Non-cash compensation expenses 0 0 0 0 43 43 0 43 Transition and merger expenses (2) 1 1 0 17 17 0 17 Impairment of long-lived assets 0 0 49 0 0 49 0 49 PJM capacity performance default impacts (c) 0 0 8 0 0 8 0 8 Winter Storm Uri impacts (d) (39) 1 0 0 0 (38) 0 (38) Other, net 12 (6) 21 2 (34) (5) 2 (3) Adjusted EBITDA $469 $606 $399 $79 $(21) $1,532 $48 $1,580

• 38. 38 Non-GAAP Reconciliations Twelve Months Ended December 31, 2024 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation Note: Texas and East segments include nuclear PTC revenue estimate of $281 million and $264 million, respectively. See Note 4 to the Financial Statements for additional information. a) Includes $53 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $105 million and $282 million, respectively, in the Texas and East segments. c) Includes $10 million gain recognized on the repurchase of TRA Rights in the year ending December 31, 2024. d) Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,216 $2,133 $902 $486 $(1,794) $2,943 $(131) $2,812 Income tax expense 0 0 0 0 655 655 0 655 Interest expense and related charges (a) 54 (46) (9) (1) 898 896 4 900 Depreciation and amortization (b) 114 686 1,278 58 66 2,202 28 2,230 EBITDA before Adjustments 1,384 2,773 2,171 543 (175) 6,696 (99) 6,597 Unrealized net (gain) loss resulting from hedging transactions 52 (790) (76) (332) 0 (1,146) (9) (1,155) Purchase accounting impacts 0 1 (12) 0 (14) (25) 0 (25) Impacts of Tax Receivable Agreement (c) 0 0 0 0 (5) (5) 0 (5) Non-cash compensation expenses 0 0 0 0 100 100 0 100 Transition and merger expenses 2 1 22 0 111 136 0 136 Decommissioning-related activities (d) 0 26 (91) 2 0 (63) 0 (63) ERP system implementation expenses 8 7 5 1 0 21 2 23 Other, net 17 14 (2) 11 (111) (71) 2 (69) Adjusted EBITDA $1,463 $2,032 $2,017 $225 $(94) $5,643 $(104) $5,539

• 39. 39 Non-GAAP Reconciliations Twelve Months Ended December 31, 2023 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation a) Includes $36 million of unrealized mark-to-market net losses on interest rate swaps. b) Includes nuclear fuel amortization of $91 million in the Texas segment. c) Includes $29 million gain recognized on the repurchase of TRA Rights in December 2023. d) Represents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. e) Adjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri and a reduction in the allocation of ERCOT default uplift charges which were expected to be paid over several decades under protocols existing at the time of the storm. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $424 $398 $1,749 $434 $(1,527) $1,478 $14 $1,492 Income tax expense 0 0 1 0 507 508 0 508 Interest expense and related charges (a) 20 (21) 2 (8) 742 735 5 740 Depreciation and amortization (b) 102 641 703 52 68 1,566 27 1,593 EBITDA before Adjustments 546 1,018 2,455 478 (210) 4,287 46 4,333 Unrealized net (gain) loss resulting from hedging transactions 586 813 (1,586) (267) 0 (454) (36) (490) Generation plant retirement expenses 0 0 0 0 0 0 0 0 Purchase accounting impacts 0 0 0 0 0 0 0 0 Impacts of Tax Receivable Agreement (c) 0 0 0 0 135 135 0 135 Non-cash compensation expenses 0 0 0 0 78 78 0 78 Transition and merger expenses 0 1 2 0 47 50 0 50 Impairment of long-lived assets 0 0 49 0 0 49 0 49 PJM capacity performance default impacts (d) 0 0 9 0 0 9 0 9 Winter Storm Uri (e) (52) 4 0 0 0 (48) 0 (48) Other, net 25 (2) 72 5 (113) (13) (2) (15) Adjusted EBITDA $1,105 $1,834 $1,001 $216 $(63) $4,093 $8 $4,101

• 40. 40 Non-GAAP Reconciliations Twelve Months Ended December 31, 2022 (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation Note: 2022 results have not been recast for the transition of Moss Landing 300 to the ACS segment as impacts are immaterial. a) Includes $250 million of unrealized mark-to-market net gains on interest rate swaps. b) Includes nuclear fuel amortization of $86 million in the Texas segment. c) Adjusted EBITDA impacts of Winter Storm Uri reflects $183 million related to a reduction in the allocation of ERCOT default uplift charges which were expected to be paid over several decades under protocols existing at the time of the storm and $144 million related to the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri. The adjustment for ERCOT default uplift charges relates to (i) ERCOT receiving payments that reduced the market wide default balance and (ii) the fourth quarter 2022 derecognition of the remaining default balance in connection with a settlement between Brazos and ERCOT. Retail Texas East West Eliminations / Corp and Other Ongoing Operations Consolidated Asset Closure Vistra Corp. Consolidated Net income (loss) $1,158 $(586) $(1,127) $(238) $(270) $(1,063) $(147) $(1,210) Income tax expense 0 0 0 0 (350) (350) 0 (350) Interest expense and related charges (a) 14 (20) 6 (6) 371 365 3 368 Depreciation and amortization (b) 145 627 768 42 69 1,651 31 1,682 EBITDA before Adjustments 1,317 21 (353) (202) (180) 603 (113) 490 Unrealized net (gain) loss resulting from hedging transactions (291) 1,556 913 351 0 2,529 (19) 2,510 Generation plant retirement expenses 0 0 7 0 0 7 (3) 4 Fresh start / purchase accounting impacts 0 (2) 8 0 0 6 0 6 Impacts of Tax Receivable Agreement 0 0 0 0 128 128 0 128 Non-cash compensation expenses 0 0 0 0 65 65 0 65 Transition and merger expenses 7 0 1 0 5 13 0 13 Impairment of long-lived and other assets 0 0 74 0 0 74 0 74 Winter Storm Uri (c) (141) (178) 0 0 0 (319) 0 (319) Other, net 31 24 17 3 (62) 13 10 23 Adjusted EBITDA $923 $1,421 $667 $152 $(44) $3,119 $(125) $2,994

• 41. 41 Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation Regulation G Table for 2025 Guidance prepared as of Nov. 7, 2024, based on market curves as of Nov. 4, 2024. a) Includes $111 million interest on noncontrolling interest repurchase obligation. b) Includes nuclear fuel amortization of $412 million. c) Represents net of all NDT (income) loss of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Net Income (loss) $2,310 $2,780 $(90) $(90) $2,220 $2,690 Income tax expense 620 750 0 0 620 750 Interest expense and related charges (a) 1,070 1,070 0 0 1,070 1,070 Depreciation and amortization (b) 2,180 2,180 0 0 2,180 2,180 EBITDA before adjustments $6,180 $6,780 $(90) $(90) $6,090 $6,690 Unrealized net (gain) loss resulting from hedging transactions (872) (872) (2) (2) (874) (874) Fresh start/purchase accounting impacts (5) (5) 0 0 (5) (5) Non-cash compensation expenses 135 135 0 0 135 135 Transition and merger expenses 35 35 0 0 35 35 Decommissioning activities (c) 48 48 0 0 48 48 ERP system implementation expenses 11 11 0 0 11 11 Interest income (45) (45) 0 0 (45) (45) Other, net 13 13 2 2 15 15 Adjusted EBITDA guidance $5,500 $6,100 $(90) $(90) $5,410 $6,010

• 42. 42 Non-GAAP Reconciliations 2025 Guidance (Unaudited, Millions of Dollars) Q2 2025 Investor Presentation Regulation G Table for 2025 Guidance prepared as of Nov. 7, 2024, based on market curves as of Nov. 4, 2024. Ongoing Operations Asset Closure Vistra Corp. Consolidated Low High Low High Low High Adjusted EBITDA guidance $5,500 $6,100 $(90) $(90) $5,410 $6,010 Interest paid, net (1,098) (1,098) 0 0 (1,098) (1,098) Tax (paid) / received (111) (111) 0 0 (111) (111) Change in working capital, margin deposits, and accrued environmental allowance obligations 595 595 0 0 595 595 Reclamation and remediation (53) (53) (90) (90) (143) (143) ERP system implementation expenditures (39) (39) 0 0 (39) (39) Other changes in other operating assets and liabilities (164) (164) (10) (10) (174) (174) Cash provided by (used in) operating activities $4,630 $5,230 $(190) $(190) $4,440 $5,040 Capital expenditures including nuclear fuel purchases and LTSA prepayments (1,221) (1,221) 0 0 (1,221) (1,221) Other net investing activities (20) (20) 0 0 (20) (20) Change in working capital, margin deposits, and accrued environmental allowance obligations (595) (595) 0 0 (595) (595) Transition and merger expenditures 56 56 0 0 56 56 Interest on noncontrolling interest repurchase obligation 111 111 0 0 111 111 ERP implementation expenditures 39 39 0 0 39 39 Adjusted free cash flow before growth guidance $3,000 $3,600 $(190) $(190) $2,810 $3,410

• 43. 43 Lighting up lives, powering a better way forward Q2 2025 Investor Presentation