Q2 results beat expectations, with adjusted EBITDA of nearly $1.8 billion, up over 30% YoY, driven mainly by generation-retail synergies and hedging gains.

EBITDA was $1.767 billion — generation $994 million, retail $773 million — all up YoY.

Together with KKR, NVIDIA and others, the company is co-building the Helix digital infrastructure platform, with a committed investment of up to $1 billion, and has been named preferred power partner; it also completed refueling of three nuclear units, with summer availability above 97%.

The company reaffirms 2026 guidance of $6.8-7.6 billion, expected to reach the midpoint or above; it maintains the 2027 midpoint of $7.4-7.8 billion, though ERCOT forward prices are weakening.

Softer ERCOT forward prices and increased battery supply pose risks, but PJM/ERCOT loads hit record highs and management remains highly confident in long-term growth.