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• Adjusted EBITDA: $1.240 billion for Q1 2025.

• Generation Adjusted EBITDA: $1.056 billion.

• Retail Adjusted EBITDA: $184 million.

• 2025 Adjusted EBITDA Guidance: $5.5 billion to $6.1 billion.

• Adjusted Free Cash Flow Before Growth Guidance: $3 billion to $3.6 billion for 2025.

• Share Repurchases: Approximately 163 million shares repurchased since November 2021.

• Dividend Increase: 49% increase in dividend per share since Q4 2021.

• Net Leverage Ratio: Just under 3 times adjusted EBITDA.

• Solar and Energy Storage CapEx: Over $700 million expected in 2025.

• Hedging Program: Approximately 100% of 2025 expected generation hedged; 90% for 2026.

• Warning! GuruFocus has detected 5 Warning Signs with VST.

Release Date: May 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Vistra Corp (NYSE:VST) achieved a significant year-over-year increase in adjusted EBITDA, reaching approximately $1.240 billion for Q1 2025, a 53% rise compared to Q1 2024.

• The company reaffirmed its 2025 guidance for adjusted EBITDA between $5.5 billion and $6.1 billion, and adjusted free cash flow before growth of $3 billion to $3.6 billion.

• Vistra Corp (NYSE:VST) has successfully hedged approximately 95% of its expected generation for 2025 and 2026, providing stability and resilience against market volatility.

• The company continues to execute its capital return plan, having returned approximately $6.3 billion to investors through share repurchases and dividends since 2021.

• Vistra Corp (NYSE:VST) is advancing its strategic energy transition with ongoing solar and energy storage projects, including partnerships with Amazon and Microsoft, adding over 600 megawatts of renewable capacity to its portfolio.

Negative Points

• Vistra Corp (NYSE:VST) faces policy challenges and uncertainties, particularly with the ongoing legislative activities in Texas and regulatory processes in PJM, which could impact future operations and growth.

• The company experienced an outage at Martin Lake Unit 1 and its Moss Landing batteries were offline, which could affect operational performance.

• There is uncertainty regarding the finalization of Senate Bill 6 in Texas, which could impact the company's ability to secure data center deals and other large load opportunities.

• Vistra Corp (NYSE:VST) has not yet updated its 2026 adjusted EBITDA guidance, despite indicating potential for significant growth, leading to some uncertainty about future financial performance.

• The company is navigating a turbulent macroeconomic environment, which could pose risks to its operational and financial outlook.