Vistra Corp

Strong Q1 Performance: Vistra reported adjusted EBITDA of $1.24 billion for Q1 2025, a 53% year-over-year increase, largely driven by improved generation results and two additional months of Energy Harbor’s contributions. This performance reflects effective execution across generation, commercial, and retail segments.

2025 Guidance Reaffirmation: The company reaffirmed its 2025 adjusted EBITDA guidance range of $5.5 billion to $6.1 billion and adjusted free cash flow before growth range of $3 billion to $3.6 billion. This stability demonstrates Vistra's resilience amid operational challenges, including outages at Martin Lake Unit 1 and offline MOS landing batteries.

Confidence in Future Growth: For 2026, Vistra anticipates adjusted EBITDA to potentially reach mid to high $6 billion levels, with strong operational performance and a comprehensive hedging program supporting this outlook. Approximately 95% of expected generation has already been hedged for 2025-2026.