February 23, 2026 Clearway Energy, Inc. Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "estimate," "target," "anticipate," "forecast," "plan," "outlook," "believe" and similar terms. Such forward-looking statem ...

Financial Performance - Clearway Energy, Inc. reported a full year 2025 Net Loss of $231 million and Adjusted EBITDA of $1,217 million, with Cash from Operating Activities of $688 million and Cash Available for Distribution (CAFD) of $430 million[2][3]. - For the fourth quarter of 2025, Clearway reported a Net Loss of $199 million and Adjusted EBITDA of $237 million, with Cash from Operating Activities of $177 million and CAFD of $35 million[8]. - Total operating revenues for 2025 reached $1,429 million, an increase of 4.2% from $1,371 million in 2024[33]. - Operating income decreased to $160 million in 2025, down 18.4% from $196 million in 2024[33]. - Net loss attributable to Clearway Energy, Inc. was $169 million in 2025, compared to a net income of $88 million in 2024[33]. - The company reported a comprehensive loss of $234 million in 2025, compared to a comprehensive loss of $67 million in 2024[35]. - For the year ended December 31, 2025, the net loss was $231 million, compared to a net loss of $63 million in 2024 and $14 million in 2023[40]. - Adjusted EBITDA for Q4 2025 was $237 million, compared to $228 million in Q4 2024, reflecting a year-over-year increase of 3.9%[48]. - For the twelve months ended December 31, 2025, Adjusted EBITDA reached $1,217 million, up from $1,146 million in 2024, indicating a growth of 6.2%[48]. - Net income for the twelve months ended December 31, 2025, was a loss of $231 million, compared to a loss of $63 million in 2024[46]. Cash Flow and Liquidity - Net cash provided by operating activities for 2025 was $688 million, a decrease from $770 million in 2024 and an increase from $702 million in 2023[40]. - The company reported net cash used in investing activities of $803 million in 2025, compared to $725 million in 2024 and $523 million in 2023[40]. - Total liquidity as of December 31, 2025, was $1,061 million, which was $269 million lower than the same period in 2024, primarily due to growth investments[11]. - The total cash, cash equivalents, and restricted cash at the end of 2025 was $818 million, an increase from $733 million at the end of 2024[40]. - Total cash, cash equivalents, and restricted cash increased by $85 million in 2025[49]. Debt and Capital Expenditures - The company raised $600 million in corporate debt and $50 million in equity since the last earnings call, reaffirming its 2026 financial guidance range of $470 million to $510 million for CAFD[4][25]. - Long-term debt rose to $7,898 million in 2025, an increase of 17% from $6,750 million in 2024[38]. - The company incurred $1,461 million in payments for long-term debt during 2025[49]. - The company made capital expenditures of $319 million in 2025[49]. Assets and Liabilities - Total assets increased to $16,655 million in 2025, up from $14,329 million in 2024, representing a growth of 16.3%[38]. - Total liabilities increased to $10,741 million in 2025, compared to $8,765 million in 2024, marking a rise of 22.5%[38]. - Cash and cash equivalents decreased to $231 million in 2025, down from $332 million in 2024[38]. Operational Highlights - Clearway's late-stage pipeline now includes 11.2 GW in opportunities, with 2 GW of contracts signed to provide power solutions for data centers[4]. - The company signed three long-term power purchase agreements (PPAs) with Google for approximately 1.1 GW of projects located in Missouri, Texas, and West Virginia[16]. - Clearway is targeting commercial operations for the 650 MW Swan Solar project in 2028, with a potential corporate capital commitment of approximately $215 million[17]. - The company entered into an agreement to acquire interests in the 199 MW Spindle and 92 MW Rosamond South II battery energy storage facilities for approximately $90 million[19]. - Clearway's quarterly operating results are impacted by seasonal factors, with most revenues generated from May through September due to higher contracted pricing and renewable resources[23]. Shareholder Returns - Earnings per share attributable to Class A and Class C common stock increased to $1.43 in 2025, up from $0.75 in 2024[33]. - Dividends per Class A and Class C common share were $1.77 in 2025, compared to $1.65 in 2024, reflecting a 7.3% increase[33].

Achieved 2025 financial results at the top end of the original guidance rangeFleet Enhancement program advanced with repowerings for 2026/2027 on scheduleSponsor Enabled growth program advanced with signed agreements with Clearway Group to commit to remaining planned 2026 COD projects with 291 MW storage portfolio in Colorado and CaliforniaOutlook for sponsor enabled growth advanced further into 2027 and 2028 with receipt of offer to invest in 520 MW Royal Slope solar plus storage project and 650 MW Swan So ...

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Core Viewpoint - Clearway Energy, Inc. has declared a quarterly dividend of $0.4602 per share for its Class A and Class C common stock, reflecting a 1.6% increase from the previous quarter's dividend [1] Group 1: Dividend Announcement - The quarterly dividend of $0.4602 per share is payable on March 16, 2026, to shareholders of record as of March 2, 2026 [1] - The annualized dividend amount is $1.8408 per share, up from $1.8112 per share in the fourth quarter of 2025 [1] Group 2: Company Overview - Clearway Energy, Inc. is a major owner of clean energy generation assets in the US, with a portfolio of approximately 12.7 GW of gross capacity across 27 states [2] - The company's portfolio includes 9.9 GW of wind, solar, and energy storage, along with over 2.8 GW of dispatchable power generation [2] - Clearway Energy aims to provide stable and growing dividend income to its investors through its diversified and primarily contracted clean energy portfolio [2]

Core Viewpoint - Clearway Energy (CWEN) is experiencing strong technical momentum and has reached a new 3-year high, indicating potential for further growth in the renewable energy sector [7][8]. Company Overview - Clearway Energy is valued at $7.93 billion and operates in renewable and conventional energy generation, including natural gas, solar, and wind projects [1]. - The company serves a diverse clientele, including commercial businesses, universities, hospitals, and government entities [1]. Technical Performance - CWEN shares have increased by over 50% in the past year and are currently trading at $39.10, with a 50-day moving average of $34.60 [7][8]. - The stock has achieved a 3-year high of $39.62 on February 11 [5]. - The stock has gained 22.81% over the past month and has a Relative Strength Index (RSI) of 72.45, indicating strong momentum [8]. Investment Indicators - Clearway Energy has a Weighted Alpha of +52.10 and a trailing price-earnings ratio of 16.7x [8]. - The company maintains a 100% "Buy" opinion from Barchart, supported by a Trend Seeker "Buy" signal [8]. - CWEN offers a dividend yield of 4.6%, making it an attractive option for income-focused investors [7][9].

Core Insights - Three stocks in the utilities sector are signaling potential warnings for momentum-focused investors as of February 9, 2026 [1] Group 1: Momentum Indicators - The Relative Strength Index (RSI) is a key momentum indicator that compares a stock's performance on days with price increases to days with price decreases, helping traders gauge short-term performance [2] - A stock is generally considered overbought when its RSI exceeds 70, indicating potential caution for investors [2] Group 2: Company-Specific Information - Clearway Energy Inc (NYSE:CWEN), Brookfield Infrastructure Partners L.P. (NYSE:BIP), and NextEra Energy Inc (NYSE:NEE) are identified as major overbought stocks in the utilities sector [2] - NextEra Energy reported mixed quarterly results on January 27, with its stock increasing approximately 13% over the past month, reaching a 52-week high of $90.99 [3] - The RSI for NextEra Energy is recorded at 70.3, with its shares closing at $89.47 after a 0.3% gain on the last trading day [3]

Core Insights - Three stocks in the utilities sector are signaling potential warnings for momentum-focused investors as of February 9, 2026 [1] Group 1: Momentum Indicators - The Relative Strength Index (RSI) is a key momentum indicator that compares a stock's performance on days with price increases to days with price decreases, helping traders gauge short-term performance [2] - A stock is generally considered overbought when its RSI exceeds 70, indicating potential caution for investors [2] Group 2: Company Performance - Clearway Energy Inc (NYSE:CWEN), Brookfield Infrastructure Partners L.P. (NYSE:BIP), and NextEra Energy Inc (NYSE:NEE) are identified as major overbought stocks in the utilities sector [2] - NextEra Energy reported mixed quarterly results on January 27, with its stock increasing approximately 13% over the past month, reaching a 52-week high of $90.99 [3] - The RSI for NextEra Energy is recorded at 70.3, with shares closing at $89.47 after a 0.3% gain [3]

Core Viewpoint - Clearway Energy (CWEN) has made significant changes that support its ambitious growth guidance, projecting a Cash Available For Distribution (CAFD) of $2.90-$3.10 by 2030, indicating a 7%-8% compound annual growth rate (CAGR) through 2030 [2][4]. Group 1: Growth Potential - CWEN's growth rate of 7%-8% is unusual for a yield-co, which typically focuses on steady cash flows to pay dividends, limiting retained cash for further investments [3][4]. - The current high demand for energy and CWEN's expertise in developing large-scale energy assets position the company favorably to meet its growth targets [4][6]. - CWEN's parent company has a pipeline of over 11 GW, which will be dropped down into CWEN at strong CAFD yields, enhancing growth prospects [6][8]. Group 2: Market Dynamics - The demand for incremental power development has surged, while the ability to build new power sources has been constrained by regulatory challenges [5][8]. - Power purchase agreement (PPA) pricing has nearly doubled, positively impacting CWEN's yield and organic growth potential [8][19]. Group 3: Project Developments - CWEN has several repowering projects that utilize existing infrastructure, leading to faster completion times and higher returns, with targeted CAFD yields of about 10.5% [14][17]. - The company has 863 MW of repowerings locked in with power purchase agreements, contributing to its growth strategy [17][19]. Group 4: PPA Pricing Trends - PPA prices have increased significantly since 2022 due to the elimination of most tax credits and rising power demand, which benefits CWEN's development yields [32][33]. - The upward trend in PPA pricing improves the organic growth outlook for CWEN, as contracts signed in recent years are likely to roll over at higher rates [35][36]. Group 5: Share Structure and Valuation - CWEN has a split share structure with CWEN and CWEN.A, where CWEN.A is trading at a discount while providing the same claims to dividends and cash flows [38][39]. - The current valuation suggests that a 16X CAFD multiple is reasonable, given the long-term growth potential and the company's ambitions to maintain CAFD/share growth of over 5% beyond 2030 [37][40].

Core Viewpoint - Clearway Energy (CWEN) has made significant changes that support its ambitious growth guidance, projecting a Cash Available For Distribution (CAFD) of $2.90-$3.10 by 2030, indicating a compound annual growth rate (CAGR) of 7%-8% through 2030 [2][4]. Company Guidance - CWEN's long-term guidance includes a target CAFD of $2.90-$3.10 by 2030, reflecting a growth rate of 7%-8% CAGR [2]. - The growth rate is considered unusual for a yield-co, which typically focuses on steady cash flows to pay dividends, limiting retained cash for further investments [3][4]. Market Environment - The demand for energy has surged, driven by the rise of AI and the need for increased power capacity, while regulatory frameworks have not kept pace with this demand [5][6]. - CWEN is well-positioned to capitalize on this demand due to its developer mindset and a parent company pipeline of over 11 GW, which will be dropped down into CWEN at strong CAFD yields [6]. Project Pipeline - CWEN has a robust pipeline of projects, with several repowering initiatives already in progress, targeting CAFD yields of about 10.5% [12][14]. - The company has 863 MW of repowering projects locked in with power purchase agreements (PPAs), which are expected to yield double-digit returns [17]. Pricing Trends - Power purchase agreement (PPA) pricing has nearly doubled, which positively impacts CWEN's yield and organic growth potential [8][19]. - Historical PPA prices have seen a significant decline, but recent trends indicate a recovery, with prices expected to stabilize around $70/MWh for solar and wind by 2025-2026 [31][32]. Organic Growth Potential - The upward trend in PPA prices enhances CWEN's organic growth prospects, allowing for better contract renewals and reducing the risk of revenue declines from expiring contracts [34][36]. - CWEN aims to maintain a growth rate of CAFD per share at 5% or more beyond 2030, supported by favorable market conditions [37]. Share Structure and Valuation - CWEN has a dual share structure, with CWEN.A trading at a discount compared to CWEN, presenting an arbitrage opportunity for investors [38][39]. - The current valuation suggests that a 16X CAFD multiple is reasonable, given the company's growth ambitions and market conditions [37].