Investor Presentaiton

Transformative Energy Harbor Acquisition - Update VISTRA APPROVALS AND CLOSING FINANCING NRC, FERC and HSR (DOJ) approval requests have been filed Anticipate closing fourth quarter 2023 Commitments for bridge acquisition financing are in place; permanent financing expected to be executed and bridge commitments terminated prior to closing energy harbor Average EH Contribution to 2024-2025 midpoint opportunities with synergies, on an unhedged generation basis ~$900 million Adj. EBITDA¹ 65-70% Adj. FCFbG Conversion (pre-tax)2 Based on recent curves, we see upside to this Adj. EBITDA range in 2026 and beyond³ 1 "Adj. EBITDA" is a reference to Ongoing Operations Adjusted EBITDA; "Adj. FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth. Adj. EBITDA and Adj. FCFDG are non-GAAP financial measures. See the "Non-GAAP Reconciliation" tables at the end of this presentation for further details. 2 3 Adj. EBITDA to Adj. FCFBG conversion (with synergies and on an unhedged generation basis) is in the ~55-60% range after-tax. Based on price curves as of May 4, 2023. Vistra Investor Presentation/June 2023 11

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