Vistra Corp. Q1 FY2026 earnings call

Good morning, Jim Burke and Chris Moldovan provided remarks. In Q1 2026, Vistra announced acquisition of Cogentrix natural gas generation portfolio and long-term power purchase agreements with Meta. Weather was volatile but generation team performed well. Load growth remains elevated in ERCOT and PJM. There are organic development opportunities like contracted renewables, thermal additions, etc.

Vistra delivered approximately $1.5 billion of adjusted EBITDA in the first quarter of 2026, a record for a calendar first quarter. Generation delivered $1,426,000,000 of adjusted EBITDA in the quarter, and Retail delivered $68 million of adjusted EBITDA. Generation contributed a significant portion to total revenue, with Retail also making its contribution.

Reaffirming 2026 adjusted EBITDA and adjusted free cash flow before growth guidance ranges. Maintaining 2027 adjusted EBITDA midpoint opportunity range. Confidence supported by strong operational performance and comprehensive hedging program. Outlook doesn't include Cogentrix acquisition and META PJM agreements. Expect to update guidance post Cogentrix acquisition.

Forward-looking statements subject to risks and uncertainties. Risks related to industry and market data limitations, non-GAAP financial measures, and potential actual results differing from projections.

Q: Starting out on PJM, do you anticipate FERC PJM co-location rules to open more opportunities?

A: Jim Burke mentioned encouraged by colocation recognition, opportunities not just nuclear but gas too, process ongoing.

Q: Chris's commentary on customer engagement, similar to Constellation's customer pause?

A: Jim Burke said discussions consistent, activity level high, load still coming, discussions in parallel.