CWEN · Clearway Energy, Inc.

Clearway Energy, Inc. delivered first quarter 2026 results with a narrower Net Loss of $68 million compared to $104 million in the prior year, primarily benefiting from favorable changes in mark-to-market adjustments for economic hedges. Adjusted EBITDA rose to $257 million from $252 million, supported by contributions from recent growth investments, though partially offset by lower wind resources at certain facilities. Segment performance showed Flexible Generation Adjusted EBITDA increasing to $49 million from $44 million, while Renewables & Storage held steady at $218 million versus $219 million. CAFD of $70 million reflected timing shifts in cash receipts from growth investments, alongside elevated Cash from Operating Activities at $401 million. Liquidity strengthened to $1,229 million as of March 31, 2026, up $168 million from year-end, with no revolver borrowings outstanding. Key growth updates included substantial completion of Honeycomb Phase I (320 MW BESS) on May 1 with $97 million investment, Cardinal Portfolio acquisition closing March 30 for $324 million gross consideration (net ~$240 million), and Mesquite Sky PPA restructuring with a 15-year hyperscaler contract. Operational metrics improved with Renewables & Storage generation up 8% to 4,827 thousand MWh due to acquisitions. Management reaffirmed 2026 CAFD guidance of $470-$510 million, incorporating committed investments and median resource assumptions. Shareholder approval of the share simplification at the 2026 Annual Meeting, effective May 1 via Charter Amendment, converts Class A to Class C shares, enhancing liquidity and capital flexibility while preserving public voting interest. CEO Craig Cornelius highlighted pipeline expansion to 12.7 GW and long-term CAFD per share targets of $2.90-$3.10 by 2030 with 5-8%+ growth beyond.