NRG Energy : First Quarter 2026 Earnings Presentation (5a0bfd)

Q 1 2 0 2 6 E A R N I N G S

N R G E N E R G Y , I N C .

FIRST QUARTER 2026 EARNINGS PRESENTATION

M A Y 6 , 2 0 2 6

T.H. Wharton

TEF Project

A G E N D A

• Results C Business Review

• Financial Highlights

• Closing Remarks

• QCA

Robert Gaudette

President C CEO

Bruce Chung

Executive Vice President C CFO

NRG 1Q26 Earnings 3

K E Y M E S S A G E S Solid Operational Performance; Reaffirming 2026 Guidance and Well-Positioned for the Balance of the Year Power Demand Growth and Evolving Market Structures Increase the Need for New, Dedicated Supply Positioned to Capture Value from Accelerating Power Demand through Development, Contracting, and Leverage to Power Prices

NRG 1Q26 Earnings 4

1Q26 BUSINESS AND FINANCIAL HIGHLIGHTS

(: millions, except per share amounts)

Financial s Operational Results

$1,080 MM Adjusted EBITDA

$1.4G Adjusted EPS1

• Top decile safety performance

• 94% Texas fleet 1Q26 In-the-Money Availability (IMA)

• Smart Home customer count +9% YoY

  Growth

  Initiatives

  415 MW COD May 20262

  First of 1.5 GW Texas Energy Fund New Capacity

• LS Power portfolio closed and integration underway

• Texas residential Virtual Power Plant (VPP) program surpassed 200 MW

• 1+ GW of Bring Your Own Power data center contracting target - on track

• Remaining 1.1 GW Texas Energy Fund new natural gas projects - on track

• $750 MM organic growth plan (2025-2029) - on track

Disciplined

Capital Allocation Principles3

Maintain top decile safety and ~3x leverage

• Completed $817 MM4 in share repurchases

• Increased dividend 8%; 7-9% growth target

  Capital Allocation 80%

  Return of Capital

  20%

  Growth Investments

• Targeting ~3x net leverage within 24-36 months post-LS acquisition - on track

Reaffirming 2026 Financial Guidance; Well-Positioned for the Balance of the Year

GAAP to non-GAAP reconciliations can be found on our website at https://investors.nrg.com; 1 Based on weighted average number of common shares outstanding - basic of 207 MM ending March 31, 2026; 2 Late May COD; 3 See slide 9 of 3Q24 earnings presentation for detailed capital allocation principles; 4 Through April 30, 2026

MARKET OUTLOOK

Demand is Accelerating

• Data centers, electrification, and manufacturing driving load growth

• AI-driven demand accelerating investment cycles

  Power Availability is Constrained

• Limited dispatchable supply for new large load

• Interconnection timelines delaying delivery

  Markets Are Responding

• PJM and ERCOT implementing reforms to support new capacity

• Bilateral contracting enabling faster development

Forecasted Load Growth vs. Supply Additions

ERCOT Peak Load1

50

40

GW

30

20

10

-

2026 2027 2028 2029 2030

Load

Supply

50

40

GW

30

20

10

-(10)

PJM Peak Load2

2026 2027 2028 2029 2030 2031

Load

Supply RBP Retirements

Demand Growth is Outpacing Available Capacity, Driving the Need for New Generation

1 ERCOT December 2025 Capacity, Demand, and Reserves Report. Demand reflects total incremental seasonal load at peak load hour; supply reflects total incremental capacity at peak load hour; 2 PJM 2026 Load Report. Incremental load reflects RTO summer coincident peak load; incremental supply based on assets under construction in the interconnection queue, targeted 15 GW Reliability Backstop Procurement (RBP), and anticipated retirements due to environmental requirements

POSITIONED TO SERVE GROWING POWER DEMAND

Customers

~8 MM Customers | >100 TWh C&I Load

• Direct access to growing, increasingly

  complex load

• Integrated demand-side capabilities including VPP and demand response

• Scaling load management capabilities to support future growth

Generation s Flexible Supply

~25 GW Capacity

• Dispatchable fleet across Texas and the East

• VPP and demand response capabilities

• Optimized to capture value from rising demand

Development

Multi-GW Development Pipeline

• 1.5 GW TEF projects under construction

• 5.4 GW development opportunity through GEV/Kiewit venture

• Up to 2 GW of PJM uprate opportunities

Serving Demand Today, Building for Future Growth

FINANCIAL HIGHLIGHTS

NRG 1Q26 Earnings 8

1Q26 FINANCIAL RESULTS

(: millions, except per share amounts)

1Q26 Highlights

Three Months Ended
	3/31/2026	3/31/2025
Adjusted EBITDA	$1,080	$1,126
Adjusted Net Income	$308	$531
Adjusted EPS1	$1.4G	$2.68

• Texas earnings impacted by mild weather and low volatility across the quarter

• East results include expected benefit from newly acquired portfolio but negatively impacted from higher supply costs during Winter Storm Fern

• West includes lower retail power supply costs and impact of Cottonwood lease termination

• Smart Home growth driven by higher customer count and an increase in monthly recurring service margin per customer

• Adjusted EPS reflects operating performance described above and incremental

  interest expense and depreciation and amortization from the LS Power acquisition

  ($46)

  $1,126

  14

  $1,080

  (10)

  33

  (83)

1Q25 Adjusted EBITDA

Texas

East West2

Smart Home 1Q26 Adjusted EBITDA

Reaffirming 2026 Guidance Ranges

GAAP to non-GAAP reconciliations can be found on our website at https://investors.nrg.com; 1 Based on weighted average number of common shares outstanding - basic of 198 MM and 207 MM ending March 31, 2025 and 2026, respectively; 2 Includes corporate activities

2026 CAPITAL ALLOCATION

(: millions)

$3,050

1,0G7

No Change from Previously Disclosed

123

1,113

407

$310

$2,100

Legacy FCFbG

(midpoint)

$G50

LS Power (midpoint)

2026

Share Repurchases 1,000

Other Related Activities3 113

Excess Cash1

Liability Management s Pref. Divs.

Integration Costs

Share Repurchases

Common Dividends4

Plant s Other Investments

Liability Management/Other2 1,030

Preferred Dividends 67

Reaffirming 2026 Capital Allocation

Plant and Consumer Growth Initiatives5

Other Growth Initiatives

245

65

1 Excludes Minimum Cash reserved for liquidity purposes; 2 Comprised of $960 MM in debt payments and $70 MM Finance Fees/Other; 3 Other Related Activities includes: 1% 'Federal Excise Tax' on share repurchases executed in prior year (~$13 MM) and shares

repurchased in lieu of tax withholdings where the company in lieu of issuing shares related to certain stock-based compensation settles employee tax obligations in cash (~$100 MM); 4 Assumes average shares of ~214 MM and $1.90 dividend per share;

5 Includes Texas new build expected TEF and incremental debt of $650 MM primarily offset by ~$620 MM in Texas new build capex, ~$40 MM reservation payments, ~$15 MM for plant uprate, and $220 MM Consumer Growth Initiatives

CLOSING REMARKS

NRG 1Q26 Earnings 11

2026 PRIORITIES

• Deliver Financial, Operational, Safety, and Business Objectives

• Deliver on Growth Initiatives

  ​ Deliver 2026 organic growth in line with 2025-2029 $750 MM growth plan

  ​ Close LS Power portfolio acquisition

  ​ Complete construction of T.H. Wharton in late May 2026

  ​ Execute toward 1 GW of Texas residential VPP by 2035

  ​ Contract at least 1 GW of data center opportunities supporting BYOP energy solutions

  ​ Continue to optimize maintenance spend to maintain cycle-appropriate In-the-Money Fleet Availability

  ​ Optimize business / portfolio

• Disciplined Capital Allocation Plan

​ Return $1.4 Bn of capital to shareholders

​ Grow 7-9% annual dividend per share; +8% to $1.90/share (7th consecutive annual increase)

​ Maintain strong balance sheet

Results C Business Review | Financial Highlights | Closing Remarks | Appendix

NRG 1Q26 Earnings

12

APPENDIX: UPSIDE OPPORTUNITIES

NRG 1Q26 Earnings 13

TEXAS GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES

(: millions)

Gross Margin: Illustrative Mark-to-Market for Texas Generation-Only Portfolio

Gas Sensitivity

% Hedge1

ATC Power Price in '26 Guidance

Implied GM @ ATC Price

:45/MWh

:50/MWh

202c Base Assumption - :52/MWh

:c0/MWh

:c5/MWh

:75/MWh

:85/MWh

:100/MWh

95-100%

$52/MWh

~50%

<25%

0%

$52/MWh

($150)

($60)

$0

$160

$290

$580

$870

$1,350

($320)

($120)

$0

$290

$520

$990

$1,480

$2,240

($380)

($150)

$0

$360

$640

$1,210

$1,800

$2,710

($460)

($180)

$0

$430

$760

$1,430

$2,120

$3,180

($30)

($40)

($50)

($60)

($70)

($80)

($90)

($100)

$40

$50

$50

$70

$70

$80

$90

$100

Case 1 2 3 Open +$0.25 -$0.25

Forward Curves Do Not Reflect Demand Outlook

Guidance Date

12/31/25

Texas Around-the-Clock

Current

4/30/2c

-14% -16% -14% -14% -13%

$58 $50

$64 $54

$64 $55 $64 $55 $64 $56

Texas On-Peak

-13%

-14%

-12%

-10%

-10%

$58

$59

$59

$50

$52

$52

$53

$53

$45

$59

2026

2027

2028

2029

2030

2026

2027

2028

2029

2030

Texas Off-Peak NYMEX Gas

-11%

-11%

-9%

-7%

-7%

-2%

-8%

1%

2%

1%

$53

$49

$50

$51

$46

$47

$41

$55

$54

$54

Base Earnings Assumptions:

• Current Fleet: 45 TWh Economic; 40 TWh Uneconomic • Weather-normal, among other simplifying

• Power Prices: Around-the-Clock Blend of Houston and North assumptions

• Natural Gas Prices: • Includes T.H. Wharton (late May 2026 COD),

  • Henry Hub: $3.75/MMBtu Rockland and LS Power assets

  • Houston Ship Channel: $3.25/MMBtu

$3.72

$3.65

$3.88

$3.58

$3.71

$3.73

$3.61

$3.70

$3.61

$3.64

2026

2027

2028

2029

2030

2026

2027

2028

2029

2030

PJM GENERATION FLEET SIGNIFICANT UPSIDE OPPORTUNITY FROM RISING POWER PRICES

(: millions)

Gross Margin: Illustrative Mark-to-Market for PJM Generation-Only Portfolio

Gas Sensitivity

Case 1 2 3 Open +$0.25 -$0.25

Forward Curves Do Not Reflect Demand Outlook

0%

$53/MWh

($240)

($120)

$0

$710

$1,030

$1,510

% Hedge1	50%	25%	10%
ATC Power Price in '26 Guidance	$53/MWh
Implied GM @ ATC Price :45/MWh	($140)	($190)	($220)
:50/MWh	($80)	($100)	($110)
202c Base Assumption - :53/MWh	$0	$0	$0
:c0/MWh	$150	$190	$220
:c5/MWh	$240	$320	$360
:75/MWh	$440	$580	$660
:85/MWh	$630	$830	$950
:100/MWh	$930	$1,220	$1,400

($30) $40

($50) $50

($50) $60

Guidance Date

12/31/25

$57 $62 $55 $61 $55 $60 $56 $59

$64

PJM Around-the-Clock

21%

9%

11%

9%

5%

Current

4/30/2c

17%

9%

12%

11%

6%

$63

$74

$67 $73

$65 $73 $65 $72

$66 $70

PJM On-Peak

$230		($70)	$80	$53
$390		($70)	$80

($70) $80

($70) $80

($70) $80

2026

2027

2028

2029

2030

2026

2027

2028

2029

2030

PJM Off-Peak NYMEX Gas

20%

10%

11%

9%

4%

-2%

-8%

1%

2%

1%

$45 $54

$48 $53

$47 $52 $46 $50 $47 $49

$3.72

$3.65

$3.88

$3.58

$3.71

$3.73

$3.61

$3.70

$3.61

$3.64

Base Earnings Assumptions:

• Current Fleet: 25 TWh Economic; 15 TWh Uneconomic

• Power Prices: Around-the-Clock Blend of PJM East and West

• Natural Gas Prices:

  • Henry Hub: $3.75/MMBtu

  • TETCO M3: $3.60/MMBtu

• Weather-normal, among other simplifying

  assumptions

• Includes LS Power assets

2026

2027

2028

2029

2030

2026

2027

2028

2029

2030

POWERING THE FUTURE OF DATA CENTERS

POSITIONED TO LEAD LARGE LOAD GROWTH

Turbines and EPC Secured for

5.4 GW of New Build Opportunities

2029E		2030E	2031E	2032E
	1.2 GW
			1.2 GW
				1.2 GW
					Balance

Illustrative & subject to change

• 5.4 GW of turbine capacity under agreement with GEV and Kiewit-TIC

• First units could be operational as early as 2029

Critical Equipment & Bridge Power Secured for Initial Buildout

• Multiple GW of key electrical equipment secured; procurement underway for remaining

• Several hundred MW of bridge power available beginning in 2028 to support early customer load

  Sites Advancing and Incremental Capacity Upside

• Permitting, interconnection, and site development on track

• Evaluating capacity upgrades across LS Power assets

  • ~1-2 GW from CT to CCGT conversions and traditional uprates

NRG, GE VERNOVA s KIEWIT VENTURE

POWERING THE FUTURE OF DATA CENTERS

U.S.-Based Fully Integrated Venture

Signed Project Development Agreement

	GE Vernova, Kiewit-TIC, NRG: Developer, Operator, OEM and EPC Venture
Benefits Status Coordinated development, power equipment and EPC ✓ 1.2 GW CCGTs in-service by 2029 delivery ✓ 1.2 GW CCGTs in-service by 2030 GEV - #1 Power OEM Globally ✓ Additional 3.0 GW CCGTs coming online 2030-2032 Kiewit - Most experienced EPC for GE-H class projects ✓ Development activities in progress across all sites NRG - Leading gas and power platform for large energy customers

Improving Speed-to-Market

APPENDIX: OPERATIONS

NRG 1Q26 Earnings 18

EXECUTING HIGH-VALUE DATA CENTER RETAIL AGREEMENTS

Modeling Assumptions

• Assumed Load Factor: >80%

• Target Pricing: $80+/MWh3

• Target Retail Margin: >$25/MWh

Announced	Locations	Capacity	Term1	Capex	First Delivery	Full Capacity
2Q25	Texas	295 MW	10-20 years	Minimal	2H26	2H30
3Q25	East2	150 MW	10-20 years	Minimal	1H28	2H32

Long-Term Data Center Retail Power Agreements

Securing Premium Retail Agreements

	2026	2028	2030	2032
Energized Capacity	5 MW	165 MW	335 MW	445 MW

1 10-year term with two 5-year extension options; 2 Illinois and Maryland; 3 Energy revenue rate price target excludes transmission, distribution, and capacity charges paid directly by the customer

ENERGY s SMART HOME PERFORMANCE

1Q26 REVIEW

Texas Continues to Realize Load Growth

ERCOT Peak Demand

Hit 5 New Record Peaks in Last 12 Months

90

80

GW

70

60

50

40

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

5 Year Range 2025 2026

Business s Operation Highlights

• Top decile safety performance

• Strong operational performance driven by resilient plant operations

• Seasonal fleet readiness procedures on track

PJM Demand Growth Accelerates

PJM Peak Demand

Hit 5 New Record Peaks in Last 12 Months

Sustained Smart Home Growth

Customers Monthly Recurring Service Margin per Customer1

200

GW

160

120

80

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

5 Year Range 2025 2026

+16%

+8%

1Q24 1Q25 1Q26 1Q24 1Q25 1Q26

Strategic Execution Driving Strength Across All Businesses

1 See slide 34 for Smart Home performance metrics definitions