Vistra is an integrated retail electricity and power generation company, combining a customer-centric approach to retail sales with safe, reliable, diverse, and efficient power generation. The company's integrated model enables it to structure products and contracts that offer significant value compared to stand-alone retail electric providers. Vistra serves approximately 4 million residential, commercial, and industrial retail customers with electricity and natural gas across 20 states and the District of Columbia. The company's generation fleet totals approximately 37,000 megawatts of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our stakeholders.

• Employees: 4,870 (as of December 31, 2023)
• Geographic Footprint: 20 states and the District of Columbia
• Headquarters: Irving, Texas
• Founded: 2016
• Number of locations/facilities: 34 generation facilities, 12 lignite coal mines, 2 waste-to-energy facilities
• Revenue: $14.779 billion (FY2023)
• Key Subsidiaries/Brands: TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, U.S. Gas & Electric, Public Power, TriEagle Energy, 4Change Energy, Express Energy and Veteran Energy

• CEO: James A. Burke
• CFO: Kristopher E. Moldovan
• Board Chair: Scott B. Helm

• Annual Revenue: $14.779 billion (FY2023)
• Net Income: $1.492 billion
• Total Assets: $32.966 billion
• Key Financial Highlights: The company's operating segments delivered strong operating performance with a disciplined focus on cost management, while generating and selling essential electricity in a safe and reliable manner. The company's performance reflected strong plant operating performance, summer scarcity pricing events in Texas and effectiveness of its comprehensive hedging strategy and the value it was able to lock in as forward power and natural gas curves increased beginning in 2022.

Vistra's main product categories and service lines include:

• Retail Electricity: Providing electricity to residential, commercial, and industrial customers.
• Natural Gas: Providing natural gas to retail customers.
• Renewable Energy: Offering green products and services, including 100% wind and solar options.
• Energy Management Solutions: Providing thermostats, dashboards, and other programs designed to encourage reduced consumption and increased energy efficiency.

Vistra's operations are aligned into six reportable business segments:

• Retail: Engaged in retail sales of electricity and natural gas.
• Texas: Includes electricity generation operations in the ERCOT market.
• East: Includes electricity generation operations in the PJM, ISO-NE and NYISO markets.
• West: Includes operations in the CAISO market, including battery ESS projects.
• Sunset: Consists of generation plants with announced retirement dates after December 31, 2023.
• Asset Closure: Engaged in the decommissioning and reclamation of retired plants and mines.

Vistra's strategic priorities include:

• Long-term, attractive earnings profile through the integrated business model.
• Strategic energy transition that supports the reliability and affordability of electricity.
• Significant and consistent shareholder return of capital.
• Maintaining a strong balance sheet.

Vistra aims to execute against its strategic priorities by focusing on decarbonization efforts, setting aggressive targets, and transitioning its fleet to low-to-no carbon resources, while balancing its obligations to stakeholders. The company also focuses on thoughtful capital allocation decisions that balances returning capital to stockholders with the allocation of capital to maintain current assets and explore opportunities for growth.

Vistra operates in the competitive electricity generation and retail markets. The company's market position is influenced by:

• Electricity and fuel prices
• Congestion along the power grid
• Subsidies for new and existing generation facilities
• New market entrants
• Technological advances in power generation
• Actions of environmental and other regulatory authorities

Vistra competes with other electricity generators and retailers, including regulated utilities, industrial companies, non-utility generators, competitive subsidiaries of regulated utilities, independent power producers, REPs and other energy marketers.

• Market and Financial Risks: Price fluctuations in the wholesale power market, fuel costs, competition, market structure changes, liquidity risks, and the ability to complete acquisitions.
• Regulatory and Legislative Risks: Ongoing complex governmental regulations and legislation, cost of compliance with environmental laws, and changes to market structures.
• Operational Risks: Volatile power supply costs, competition from other REPs, cybersecurity attacks, operational technology risks, and the operation and maintenance of power generation facilities.
• Structural and Ownership Risks: Evolving expectations from stakeholders on ESG issues, inability to pay dividends, and failure to realize the anticipated benefits of share repurchase program.