NRG Energy, Inc.

- On April 28, 2026, NRG closed $3.5 billion of new financing. - This financing retired $1.5 billion of Lightning senior secured notes. - It also reduced revolver borrowings as part of the post-acquisition deleveraging plan. - The plan aligns with maintaining a 3x net leverage target. - This new financing will result in more than $10 million of annual net interest savings. - There is no mention of any planned new equity fundraising or additional debt issuances beyond this financing. - Capital allocation for 2026 remains focused on debt repayment (~$1 billion), share repurchases, dividends, and growth investments. - No indication of future fundraising through equity was provided.

- 2026 Capital Allocation remains unchanged, aligned with prior guidance (Slide 10). - $3.05 billion capital available for allocation based on updated free cash flow before growth. - Plan to execute approximately $1 billion toward debt repayments in 2026 as part of balance sheet management. - Completed $3.5 billion new financing in April 2026 to retire $1.5 billion Lightning senior secured notes and reduce revolver borrowings; supports deleveraging and targets 3x net leverage. - Remaining capital allocated to growth investments: $310 million targeted for continued investments in core portfolio. - Advancing key growth initiatives, notably new natural gas generation projects (TEF projects) totaling 1.5 GW expected online starting May 2026. - Focus on new capacity upgrades and conversions in PJM, with up to 2 GW potential, including 1 GW from natural gas upgrades. - Emphasis on contracted generation build and long-term contracted cash flows, including front-of-meter generation for data center opportunities. - Strategic focus on integrating LS Power assets and expanding flexible demand response and retail offerings.

- NRG expects to deliver at least 14% adjusted EPS and free cash flow per share growth over the next 5 years before contributions from large load or incremental development. - Demand growth is driven by significant increases in AI infrastructure investments and large load additions, with a pipeline exceeding 36 GW by 2033 in ERCOT, more than quadrupling today’s peak. - Growth opportunities include integrating LS Power’s commercial and industrial demand response business and expanding retail electric and smart home technologies. - Pursuing up to 2 GW of upgrade and conversion opportunities in PJM, focusing on projects supported by long-term contracts with high-quality customers. - Development projects like the Texas Energy Fund (TEF) are on schedule, delivering 1.5 GW to power approximately 300,000 homes at peak demand. - Retail customer growth in the smart home business is ahead of plan, with a 9% year-over-year increase in customers to approximately 2.37 million.

- NRG is on track to deliver at least 14% adjusted EPS and free cash flow per share growth over the next 5 years (Page 4). - The company's base plan does not require incremental contribution from large load or new development to hit numbers; these remain upside opportunities (Page 2). - Growth is supported by key initiatives like TEF projects and the LS Power portfolio integration, which are progressing well (Pages 2, 9). - Capital allocation is disciplined, with a focus on debt repayment, returning capital to shareholders, and continued investments in the core portfolio (Page 4). - NRG is confident in its position and operational execution, aiming to convert market opportunities into consistent long-term returns (Pages 1, 4).

- The pipeline of large load requests in ERCOT shows over 36 gigawatts expected by 2033, which is more than 4 times today's record peak demand. - Not all requests will materialize, but even a fraction indicates a fundamentally different market soon. - Large load opportunities, including data centers, are progressing, with regulatory structures like Senate Bill 6 aiding orderly connection processes in ERCOT. - In PJM, there is a new long-term auction process to bring new capacity forward, alongside up to 2 gigawatts of upgrade and conversion opportunities within the existing fleet. - NRG is pursuing these opportunities selectively, backed by long-term contracts or bilateral agreements where viable. - Conversations with data center customers (hyperscalers) are ongoing, with bilateral solutions offered alongside auction mechanisms. - Infrastructure and interconnection remain key factors influencing timing, but regulatory clarity in ERCOT is well developed, enabling movement on contracting.