Overview

• Energy provider's Q4 adjusted EPS beat analyst expectations

• Company completed acquisition of 13 GW of power assets from LS Power

• Company returned $1.6 bln to shareholders in 2025

Outlook

• NRG reaffirms 2026 guidance with adjusted EPS between $7.90 and $9.90

• Company expects 2026 adjusted EBITDA between $5.325 bln and $5.825 bln

• NRG reaffirms plans of $1 bln in share repurchases and $400 mln in dividends for 2026

Result Drivers

• ACQUISITION EXPANSION - NRG doubled its generation capacity with the acquisition of 13 GW of power assets and CPower from LS Power

• TEXAS ENERGY PROJECTS - Advanced 1.5 GW of new generation through Texas Energy Fund projects, supported by $1.15 Bn in low-interest financing

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy"

• Wall Street's median 12-month price target for NRG Energy Inc is $197.50, about 11.9% above its February 23 closing price of $176.52

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 20 three months ago

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