Clearway Energy, Inc.

Second-quarter adjusted EBITDA was $409 million and CAFD was $167 million. Year-to-date adjusted EBITDA was $666 million and year-to-date CAFD was $237 million. Management reduced full-year 2026 CAFD guidance to $430 million-$470 million from $470 million-$510 million, citing lower wind resource and the possibility that the NSO weather pattern persists through the second half of 2026. The midpoint of the revised range reflects updated renewable production expectations, and the low end assumes continued weak resource; other variables include timing of growth investments and merchant energy margin in flexible generation.

Craig Cornelius framed the quarter as another step toward long-term growth, emphasizing that Clearway is firmly on track for durable expansion and has increasing visibility to deploy $3 billion of corporate capital over 2026-2029. He said the company’s targets are grounded in projects it controls, with rapid commercialization in the pipeline supporting confidence in the top end or better of 2030 goals. He also highlighted digital infrastructure as an additional upside avenue, but said the core business alone is sufficient to drive the plan.

Sarah Rubenstein walked through the numbers and tied the guidance cut to resource, not operational execution. She said the revision to $430 million-$470 million from $470 million-$510 million reflects year-to-date results at the low end of sensitivity ranges and conservative assumptions on renewable production if NSO conditions persist. On funding, she said over $500 million is expected from retained cash flow, over $1.5 billion from corporate debt between 2026 and 2029 with $600 million already raised, and roughly $0.5 billion to $1 billion from external equity with $50 million already raised; she also reiterated a BB credit rating framework and 4x to 4.5x leverage target.

Analysts focused first on the revised guidance and whether recent July and August wind conditions imply a more normal second half; management said July had already been incorporated into the midpoint and that they are not banking on P50 resource for H2. Questions also centered on digital infrastructure: management said the projects are still being commercialized, with contracts largely tied to development and eventual long-term customer arrangements, and that the first material investment opportunity may not arrive until 2030. There were also questions about PPA restructurings, nonrecourse debt, PJM policy efforts, and the scale/order of operations for future digital infrastructure capital; management consistently answered that the core business pipeline is sufficient and that capital allocation will remain disciplined.